A Buy-Sell Agreement can provide an orderly means of transferring the business from one owner to another. However, a funding vehicle is necessary to pay for the withdrawing owner’s share of the business. Learn why life Insurance is one of the most cost and tax efficient means to fund a Buy-Sell Agreement.
In the realm of business planning there are several paths that business owners may take to achieve their succession and estate planning goals. It is essential to tailor the right buy-sell plan and fund it, but it can be just as important to follow the formalities of the plan established. This was demonstrated by the recent Connelly case, which was discussed in June’s Central Intelligence and is explored more deeply in our latest “Entity-redemption buy-sell planning after Connelly v. U.S.” blog accessible below.
NEW! Let John Hancock be your guide to navigate the business planning market with our JH Solutions buy-sell modules. Find these useful concepts in JH Illustrator:
Does Medicare cover nursing home care?
There’s a lack of knowledge surrounding Medicare for most of us, such as what age we’re eligible and what care is covered. According to Money Magazine, a survey found that 40% of baby boomers believe Medicare will pay for a stay in a nursing home if they need help with daily living activities such as dressing and eating.1 Unfortunately, that may not be the case.
This is a good reason to talk to your clients about Symetra’s Accelerated Death Benefit for Chronic Care Advantage Rider that’s available on our indexed universal life products.
With this optional rider, policyowners can choose to access a portion of the death benefit (50% or 100%) with monthly payments of either 2% or 4% if the insured is certified by a health practitioner as being chronically ill.2,3
Get answers to frequently asked questions about our rider.
Chronic Care Advantage Rider is not intended to provide and will never provide long-term care insurance.
1 Money Magazine, May 16, 2022. You’ll Need Way More Money Than You Think for Health Care Costs in Retirement.
2The monthly rider benefit amount cannot exceed the IRS per-diem limit (available at the time of claim) multiplied by 30. Subject to the maximum daily limit for benefits set by the Internal Revenue Service for each calendar year.
3Chronic Illness is defined as a person who, during the prior 12-month period, has been certified by a licensed health care professional as being permanently unable to perform at least two of the six activities of daily living, or requiring substantial supervision to protect himself or herself or others from threats to health and safety due to a sever cognitive impairment. “Cognitive impairment” generally means a loss or deterioration in a person’s intellectual capacity and includes diseases like Alzheimer’s and various forms of irreversible dementia. “Activities of daily living” generally means routine daily self-care activities, such as getting dressed, eating, using the bathroom and getting out of bed. Must be annually recertified by a licensed health care practitioner to continue receiving benefits.
Securian Financial has developed a reputation for improving underwriting standards through ongoing research and development. Many factors go into an underwriting decision. These updated guidelines are for recreational use of marijuana.
We’ve simplified the process with a new streamlined approach that helps you every step of the way.
Technology is an incredibly effective tool to move your business forward while keeping people at the heart of what you do.
The Horizon Experience offers the customized and personalized service your clients want — whether that’s a solo journey through our digital app, some help along the way from an advisor, or a hand from our skilled call center team.
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1-2-3. We are here for you and your clients, making purchasing life insurance simpler, faster and more flexible
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16 new provisions of the SECURE 2.0 Act summarized for you!
Give yourself and clients an edge! The SECURE 2.0 Act will help Americans bolster their retirement savings and strengthen their long-term financial security. Be one of the first to talk to clients about what this means for their retirement strategy.
Through ongoing research and development, Securian Financial has earned a reputation for improving underwriting standards. They can offer competitive underwriting decisions for recreational marijuana, tobacco and non-combustible tobacco use through various underwriting initiatives. View the guidelines below to see if your client qualifies.