Yes, you can use a flexible and discretionary plan known as an executive bonus plan.
An executive bonus plan is an arrangement where the employer makes the premium payments for a life insurance contract owned by the employee. The bonus is usually tax-deductible to the business and is taxable to the employee as ordinary income.*
*Consult your tax advisor for more information.
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Term life insurance
No one expects to have a fatal accident, get sick or die too soon, but what if? What if those who depend on your income no longer could? Term life insurance can be an affordable way to get the protection you need to keep your family, your business, and your hopes and dreams alive. With term life insurance, your beneficiaries receive income-tax free money if you die during the term period – without the delays and expense of probate.