Five Regrets of Retirement and How to Plan Better

Retirement is a milestone that many of us look forward to, envisioning days of relaxation and the freedom to pursue long-held dreams. However, retiring can also bring many unexpected feelings, including regret. Reflecting on the experiences of countless retirees, certain common regrets emerge. Below are the five most common ones:

  1. Not Saving Enough

One of the biggest regrets among retirees is not putting away enough money for their golden years. Many people find that their savings and pension don’t stretch as far as they’d hoped, as life expectancies increase, and retirement lasts longer. The regret is not just about not saving more but also about not investing wisely or starting to save early enough in life to benefit from the power of compound interest.

Solutions:

  • Start saving as early as possible.
  • Take advantage of employer retirement plans and matches.
  • Consult with a financial advisor to help make smart investment choices.
  1. Retiring Too Soon

Many retirees should consider the financial and emotional impacts fully. Some realize they underestimated how much they would need to live comfortably, while others miss the sense of purpose and community their job provided. This can lead to a desire to return to the workforce, sometimes in a more limited or different capacity.

Solutions:

  • Carefully plan your retirement age, factoring in financial needs and personal goals.
  • Consider part-time work or volunteering to maintain a sense of engagement.
  1. Overlooking Health Care Costs

Healthcare can be one of the most significant expenses in retirement, yet it’s often the most overlooked. Retirees sometimes regret not purchasing long-term care insurance or not factoring in the high cost of health and medical needs, which can consume a considerable portion of retirement savings.

Solutions:

  • Explore health insurance options that cover long-term care.
  • Set aside savings specifically for health-related expenses.
  1. Neglecting to Plan for a Purposeful Life

Retirees often envision retirement as a permanent vacation. However, without the structure of a job, days can feel empty. Regrets can include having yet to develop hobbies, social networks, or plans for how to spend all that free time. Retirement provides the opportunity to explore new interests, volunteer, or even pursue a second career.

Solutions:

  • Identify interests and hobbies before retirement.
  • Create a retirement lifestyle plan that includes activities and goals.
  1. Failing to Estate Plan

Estate planning is essential, yet it’s easy to put off. Retirees sometimes regret not organizing their financial affairs earlier, which can lead to family disputes or assets not being distributed as intended. Not having an updated will, beneficiaries, or a clear plan can create unnecessary stress and conflict for loved ones.

Solutions:

  • Start estate planning early and review your plan regularly.
  • Ensure all legal documents are in order and express your current wishes.

Conclusion:

Retirement should be a rewarding phase of life, but it has potential pitfalls. The common thread among these regrets is a lack of planning. By recognizing and addressing these regrets now, no matter your age, you can take steps to mitigate them and work towards a retirement that is fulfilling and free of remorse. Remember, it’s never too late—or too early—to start preparing for your retirement years. To know more visit https://www.epgbenefits.com/product-and-services/retirement-planning-college-funding/

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice.  The services of an appropriate professional should be sought regarding your individual situation.

*DISCLAIMER Executive Planning Group offers securities products through ValMark Securities, Inc., Member FINRA / SIPC. While ValMark Securities, Inc. is registered to sell securities products in all 50 United States and the District of Columbia, representatives of Executive Planning Group may only offer securities products in states where properly registered. Executive Planning Group also offers investment advisory products through ValMark Advisers, Inc., an SEC Registered Investment Advisor. The information contained herein should not be considered a solicitation or an offer to sell products or services in any state besides those in which Executive Planning Group is properly registered/licensed. Executive Planning Group, P.A. is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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Long-Term Care Insurance: 5 Tips for Making It More Affordable

Many seniors require long-term care. Long-term care insurance helps pay for nursing homes, assisted living, and in-home care. This blog article will discuss five practical ways to lower the cost of long-term care insurance without sacrificing coverage.

Start early: Starting early is one of the best strategies to lower long-term care insurance costs. Younger and healthier people pay cheaper rates.

Compare Policies and Providers: Before choosing, compare long-term care insurance policies and providers. Shop around for various insurance quotes since rates might vary greatly. Find suppliers with good customer service and claim payments. Ask questions about obscure policy specifics.

Combined long-term care insurance coverage: If you’re married or in a committed relationship, consider combined long-term care insurance coverage. You and your spouse may enjoy advantages at a lower cost with shared plans. This may save costs while protecting both parties.

Adjusting coverage and deductibles: Adjusting coverage and deductibles may also lower long-term care insurance costs. If you require treatment, be sure you can pay the deductible but higher deductibles decrease rates.

Consider Combination plans: Hybrid long-term care insurance, often known as combination plans, may lower costs. If you don’t require long-term care, these plans give a death benefit or premium refund. Combination plans provide financial stability and peace of mind at higher rates.

To know more, visit https://www.epgbenefits.com/product-and-services/long-term-care-insurance/

Disclosure: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. The material contained in the herein is for informational purpose only and is not intended to provide specific advice or recommendations for any individual, nor does it take into account the particular investment objectives, financial situation or needs of individual investors.

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Disability Income Insurance – Executive Planning Group, P.A.

In a world where unexpected events can impact anyone’s life, it is essential to safeguard our financial well-being. This rings particularly true for high-income executives, whose earning potential often forms a significant part of their wealth. To mitigate the risks associated with potential disabilities, Disability Income Insurance (DII) serves as a crucial safeguard. In this blog, we will explore the importance of Disability Income Insurance.

  1. Understanding Disability Income Insurance:

Disability Income Insurance, also known as disability insurance or income protection insurance, is designed to provide a reliable source of income if an individual becomes disabled and unable to work. Unlike other types of insurance that focus on medical expenses, disability income insurance primarily addresses the loss of income resulting from a disability.

  1. Protecting Executive Finances:

High-income executives often have complex financial situations and substantial financial responsibilities. The loss of income due to a disability can jeopardize their financial stability and future plans. Disability Income Insurance offers a safety net by replacing a portion of their lost income, helping executives maintain their lifestyle, meet financial obligations, and continue saving for retirement.

  1. The Role of Executive Planning Group:

Executive Planning Group specializes in assisting high-income executives in navigating the complexities of their financial lives. When it comes to Disability Income Insurance, their experience is helpful.

  1. Customized Coverage:

Executives often have specific income structures, including base salary, bonuses, stock options, and other benefits. Executive Planning Group works closely with executives to assess their income sources and design a Disability Income Insurance plan that aligns with their needs.

  1. Securing the Good Policies:

Navigating the insurance market can be overwhelming, especially when it comes to selecting a good Disability Income Insurance policy. The Executive Planning Group leverages its industry experience and extensive network of insurance providers to identify suitable policies for executives.

  1. Supporting the Claims Process:

In the unfortunate event of a disability, executives need support to navigate the claims process smoothly. Executive Planning Group acts as an advocate for executives, guiding them through the complexities of filing a claim.

  1. Continual Review and Adjustments:

As an executive’s financial situation evolves, so do their insurance needs. Executive Planning Group recognizes the importance of ongoing reviews and adjustments to Disability Income Insurance policies.

Disability Income Insurance is a vital component of an executive’s financial planning strategy. To know more, visit https://www.epgbenefits.com/product-and-services/disability-income-insurance/

Disclosure: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. The material contained in the herein is for informational purpose only and is not intended to provide specific advice or recommendations for any individual, nor does it take into account the particular investment objectives, financial situation or needs of individual investors.

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Executive Life Insurance in Mississippi – Benefits to Employers and Employees

As the senior manager responsible for employee benefits packages, you are always looking for better ways to attract and retain top talent within your organization. Have you considered adding executive life insurance in Mississippi to your benefits offerings? This is a specialized type of coverage designed to provide high-level executives with unique benefits tailored to their needs. These policies are typically tailored to meet the specific needs of executives, including high coverage limits, flexible payment options, and tax benefits.

In this blog post, we provide an overview of executive life insurance in Mississippi and explore its benefits for both employers and employees.

How Does An Executive Life Insurance Policy Work?

Executive life insurance policies can be structured in many ways. For example, some policies offer a lump-sum payment to beneficiaries in the event of an executive’s death. You could also choose a policy that offers ongoing payments or benefits that are tied to the company’s performance. Employees evaluate a benefits package not only on the monetary value but also on the peace of mind it offers. Some policies may also include disability coverage, which can provide additional protection in the event of an executive’s inability to work.

Why Mississippi Employers Choose to Offer Executive Life Insurance?

There are several reasons why employers may choose to offer executive life insurance as part of their employee benefits package. Here are a few of the key benefits:

  1. Talent acquisition and retention: Executive life insurance is a valuable tool and incentive for potential and existing employees to consider long-term employment. By offering this type of coverage, employers can demonstrate their commitment to their executives and their families, which can help to build loyalty and trust.
  2. Provide financial security: This type of coverage serves to deliver greater financial security for executives and their families in the event of an unexpected death or disability. This can help to alleviate some of the financial stress that can arise during difficult times, particularly when a primary income earners passes away.
  3. Tax benefits: Policies can be designed to offer tax benefits to both employers and employees. For example, premiums may be tax-deductible for employers, and benefits paid out may be tax-free for beneficiaries.

Executive Life Insurance in Mississippi – the Finer Details

In Mississippi, executive life insurance policies are regulated by the Mississippi Department of Insurance. To offer executive life insurance in the state, insurers must be licensed and comply with all applicable regulations.

Employers in Mississippi may choose to offer executive life insurance and boost the value of their employee benefits package. If your organization chooses to do so, make sure you work with an experienced insurance broker or agent who can help you identify the right policy for your needs and budget. It is important to carefully review policy terms and conditions to ensure that the coverage provided meets the needs of your company as the employer and the executives you plan to hire and keep on board.

Call the Executive Planning Group at 601-982-3000 or fill out our contact form to find out more and get started with executive life insurance in Mississippi for your company.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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What Is Involved with Estate Planning in Mississippi?

Estate planning allows you to protect your business and personal assets while you’re still alive. You can start by creating a will or trust and add as much or as little complexity to your plan. Crucial estate planning tools include wills and healthcare directives, which allow you to control the allocation of your finances, belongings, assets, and medical decisions. Working with professional estate planners gives you the assistance needed to make informed decisions regarding asset protection, healthcare, and legacy preservation.

Executive Planning Group provides guidance and expertise for business owners and high net worth individuals ready to start their estate planning process.

Learn what estate planning involves and how the process works.

Six Steps to Get Your Estate Planning Started

A crucial step in your estate planning journey is choosing a healthcare agent to make decisions in case you become incapacitated. You also need to make a detailed list of your financial assets. Finally, creating a will or trust gives you the power to distribute your wealth as you wish before or after you pass away.

Executive Planning Group has experience in estate planning and can guide you through each step of the process. Follow these six steps to create an estate plan that will give you peace of mind and protect your beneficiaries.

  1. Choose a health care agent. Pick someone you trust to make important medical decisions in case you become disabled or incapacitated. An advance health care directive documents your wishes and gives your health care agent the power to carry them out.
  2. Choose a financial agent. Appoint a trusted individual to handle your financial affairs using a power of attorney. You can use this document for your personal and business interests.
  3. Make a list of all assets. List all your assets and liabilities, including personal property, real estate, checking and savings accounts, and investments. You can use this checklist to ensure that you haven’t missed anything when you prepare a will or trust.
  4. Choose beneficiaries. Who will receive each of your assets? Work with your financial advisor to create a distribution plan. Spouses, children, grandchildren, loved ones, and business partners are examples of typical beneficiaries.
  5. Create a will or trust. Write a will or establish a revocable living trust, as follows:
  • A will expresses your wishes for distributing your wealth. You should include all pertinent assets, including businesses, homes, vehicles, real estate holdings, bank accounts, and valuable items like paintings or jewelry.
  • A trust, like a will, is a legally binding document and has named beneficiaries. This estate planning tool puts assets under the control of a third party. You can move your assets into a trust while you’re still alive. Create trusts to separate your business and personal assets, protecting your family members and business partners. Trusts are also a great way to leave behind a legacy for children and grandchildren. In Mississippi, forming a trust allows high net worth individuals to maintain control over their estates and may provide tax benefits.
  1. Keep your documents safe. Store your estate planning documents in a secure, fireproof safe or in a safe deposit box. Make sure that your loved ones have access to these documents.

Essential Estate Planning Services for Executives, Business Owners, and Families

Is now a good time to explore your estate planning goals? Proper estate planning in Mississippi goes beyond wealth distribution. At Executive Planning Group, we cover these aspects of estate planning:

  • Financial planning (personal, business)
  • Succession planning for your business
  • Charitable giving
  • Life insurance
  • Shareholders’ agreement
  • Powers of attorney (healthcare, financial)
  • Wills and trusts

Call us at 601-982-3000 or fill out our contact form to get started with your estate planning in Mississippi.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

 

 

 

 

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Why Is Critical Illness Insurance in Mississippi So Critical?

Critical illness insurance can provide financial well-being for you or your employees in the case of serious sickness or injury. The no-hassles coverage comes in the form of a lump sum payment if the policyholder contracts or develops maladies on a preapproved list. It’s a life insurance policy extension that gives the covered person the ability to focus on recovery.

Executive Planning Group can help you choose the best plan options. Here are a few questions frequently asked by business and individual customers. Review them to better understand why critical illness insurance is so important.

What Makes Critical Illness Insurance Important?

Consider adding this coverage if you’re worried about the affordability of a high-deductible policy. If you have a family history of covered illnesses, you may need this coverage more than you think. For business owners, offering critical illness coverage may improve morale and retention efforts.

Depending on your life insurance company, you may have the option to add a critical illness plan to your individual or group policy. Additionally, some providers offer standalone critical illness insurance in Mississippi at higher rates.

Examples of covered conditions include:

  • Cancer
  • Heart attack
  • Organ transplant
  • Paralysis
  • Kidney failure
  • Lupus

Your Executive Planning Group broker can help you determine exactly what coverage to purchase for you or your employees.

What Conditions Are Not Covered by Critical Illness Policies?

Because it focuses on life-threatening illnesses, this coverage doesn’t usually include medical conditions that aren’t serious. That’s why you should read your policy closely for full understanding. If you offer critical illness insurance in Mississippi as part of your benefits package, make sure employees understand the strengths and details of the proposed policy.

The following conditions are usually not included in critical illness coverage:

  • Asthma
  • Diabetes
  • Self-inflicted injuries
  • Substance abuse
  • War injuries

What Expenses Does a Critical Care Policy Cover?

You can spend your insurance money on services and care you couldn’t otherwise afford, such as:

  • Critical services not covered by your medical insurance
  • Treatments a traditional policy exempts
  • Daily living expenses during your treatment and recovery
  • Transportation expenses for treatment
  • Cost of fitting your car to transport wheelchairs and scooters
  • Installation of a stairlift in your home

Terminally ill patients can sometimes use the money to take a vacation with loved ones.

What Are Some Ways You Can Prevent Critical Illness?

Although critical illness insurance gives you peace of mind, preventing illness is the best strategy to avoid risks to your health and financial security. Get plenty of rest and exercise, eat good food and follow other strategies to stay healthy.

If you are looking for critical illness insurance for employees, consider starting a wellness program to keep everyone in shape. Healthier bodies may even lower your life insurance rates.

Who Pays for Critical Illness Coverage?

Unlike some life insurance policies, individual policyholders typically pay 100% of the costs of critical illness insurance. This makes it a no-brainer for savvy benefits administrators to add it to the list of company benefits. Employees and individuals signing up for the coverage should ensure they understand the financial commitment involved.

How to Buy Critical Illness Coverage in Mississippi?

Read these FAQs on our blog about critical illness insurance. The knowledgeable brokers at Executive Planning Group are ready to provide all the information needed to get your policy started. After learning a little bit about each policyholder’s health concerns and coverage goals, we can expedite your coverage to protect you or your employees.

Call us at 601-982-3000 or fill out our contact form for answers to any other questions you may have about critical illness insurance in Mississippi.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

 

 

 

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Employer-Sponsored Benefits – Talk to Your Life Insurance Agent in Jackson, MS

Life insurance is among the most popular employer benefits because it can help you stand out from competitors and retain valued employees. Employers typically offer group life insurance to covered workers. This type of life insurance covers your employees via a contract with an insurance company.

If you’re looking for the right life insurance to offer as part of your benefits package, it can be a challenging task. Fortunately, our life insurance agent in Jackson, MS, at Executive Planning Group, has you covered. From executive life insurance policies to coverage for the entire staff, there are many options to choose from.

Here are a few questions to discuss in detail with your life insurance agent.

What Is Employer Sponsored Life Insurance?

Here are three different types.

  • Term life: The amount of coverage remains constant for a number of years listed in the policy. The premiums typically remain the same throughout the coverage period.
  • Whole life: This is a permanent policy that doesn’t expire as long as the premiums remain up to date.
  • Universal life: Universal life insurance has flexible premium payments, and you can typically adjust it for lower or higher death benefits. In addition, these policies have an accumulated cash value with interest that grows over time.

Why Should Employers Sponsor Employee Life Insurance?

You can provide affordable death benefits to your employees with a group life insurance policy. Individual policies are much more expensive. You can automatically deduct the employees’ share of the premium from the payroll. Additionally, offering life insurance can help you attract and retain top talent.

What Is the Most Common Employee Life Insurance?

We recommend discussing all types of insurance available with your life insurance agent. However, term life is one of the most common group life insurance. Term life allows employers to protect employees while they remain with the company. However, it doesn’t cover spouses and children.

What other Types of Life Insurance Can You Offer?

To further protect your organization’s leaders and other employees, you can also offer the following types of life insurance:

  • Accidental death and dismemberment (AD&D): This coverage pays a benefit to employees who lose a limb (arm or leg) or die due to a covered event or circumstance.
  • Business travel accident insurance: If you have several employees who travel frequently, it might be worth discussing this coverage with your life insurance agent in Jackson, MS.

How Much Life Insurance Should You Offer?

To get started, most employers will consider offering minimal coverage, such as the employee’s annual salary. You can allow employees to buy more coverage for additional premiums. Your life insurance agent can answer all your questions regarding how this works under different policies.

Where Can You Find an Experienced Life Insurance Agent in Jackson, MS?

Working with a variety of industries and organizations, we offer both group and individual life insurance policies. Set up a meeting to discuss your individual and business life insurance needs.

Call us at 601-982-3000 or fill out our contact form to schedule a free consultation with no obligation to you or your business in Jackson, MS, and the surrounding areas.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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Find the Right 401(k) Providers for Your Employees in Mississippi

Retirement benefits seem to be more important than ever when it comes to attracting and keeping employees. Provide a way for your people to save for retirement and gain significant tax breaks and deductions. Choosing the right 401(k) provider can significantly impact whether new or seasoned employees accept or remain in a job.

The 401(k) providers at Executive Planning Group (EPG) in Mississippi have technology, industry knowledge and commitment needed to obtain retirement savings benefits for your employees. Become a preferred employer with 401k packages tailored to your employees’ needs.

What Is a 401k Plan Provider?

401(k) plan providers create retirement plans in compliance with state and federal rules. You need a provider with experience developing important legal documents, educating employees, and monitoring plan performance.

There are many decisions to make when you first set up your plan. For instance, how do you want to set up fee payments? Employers, participants, or both can pay the fees, depending on your unique circumstances. EPG Benefits provides the resources needed to feel confident in your decisions, and that will help make your employees more financially comfortable during their retirement years.

401(k) Plans Benefit Employers and Employees

A retirement plan offers numerous advantages to your company and employees. It acts as a vehicle for all employees to prepare for retirement — including owners and leaders. Here’s a breakdown of how each group can take advantage of 401(k) programs:

  • Business benefits
    • Tax deductible contributions
    • Assets in the plan grow tax-free
    • Flexible plan options
    • Tax credits can reduce costs
    • Attract and keep better employees (save on training new hires too!)
  • Employee benefits
    • Employee contributions deducted from pretax income
    • Investment gains and contributions tax-free until distribution
    • Automated distributions made through payroll deductions
    • Interest accrues over time to build retirement savings
    • Can move savings between employers

Finding 401K Providers in Mississippi

There are many factors to consider when selecting a 401(k) provider. Here are some of the reasons companies like yours choose Executive  Planning Group to manage their retirement planning programs:

  • Full service: Work with a service provider that maintains every part of your 401(k).
  • Employee tools: We make it easy for employees to sign up and monitor their savings.
  • Financial guidance: Receive guidance and get set up with a compliant, secure plan.

The right 401(k) provider assists your small business with the implementation, tracking, and reporting of your retirement benefits plan. Choose a provider with extension experience and connections.

Executive  Planning Group can help you with this affordable, effective benefit option. Call us at 601-982-3000 or fill out our contact form to set up a free consultation regarding your 401(k) retirement planning options.

 

Disclaimers: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

Any Tax advice contained herein is of a general nature.  You should seek specific tax advice from your tax professional before pursuing any idea contemplated herein.  This advice is being provided solely as an incidental service to our business as insurance professionals.

 

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Considerations When Choosing an Executor or Health Care Proxy in Estate Planning

Ensuring your final wishes are honored when you pass away begins with effective estate planning. Your plan needs to look at many different aspects of your life, assets, and liabilities. If you own a business, you need a succession plan. While figuring out who gets what and how to reduce or limit tax liabilities, you also need to consider who will finalize your estate. Also, other vital roles need filling. Remember, effective estate planning in Mississippi covers many different aspects. Choosing a quality company to assist you is the first step to take.

What to Consider When Choosing Individuals for Crucial Estate Roles

As you pull together the vital documents needed to plan your estate, you also need to create a list of those you trust to fulfill your wishes. This is crucial to your estate’s success and ensuring your family gets what you want them to have. Here are some guiding factors to consider when deciding who will manage things when you become incapacitated or die:

  1. Executor of your will. This individual will fulfill your will’s terms, including settling the estate. They will collect your assets, pay bills, submit tax returns, and handle any court proceedings. Look for someone that is financially savvy and patient. You may even choose two competent people to work together as co-executors. Another option is to appoint a lawyer, accountant, or bank as your executor.
  2. Children’s guardian. Nothing may be as important in your estate planning as ensuring your minor children are cared for. Name someone you trust implicitly to watch over them and conduct their financial affairs responsibly until they reach the age of majority. A parent may be the obvious choice, but having a backup is wise. Talk with an estate planning professional about additional life insurance for your children.
  3. Health care proxy. If you become incapacitated, you will need someone to make decisions on your behalf. Appoint someone you trust to act for you and make sure they understand your intentions. A living will or advance health care directive allows you to make your wishes known to your doctors, too.
  4. Power of attorney. The role of an individual with your power of attorney is to make legal decisions and act on your behalf, as set out in the POA document. You may choose your spouse, partner, or someone else you trust. You can determine what they are allowed to do, and it remains in effect until revoked.

Get Your Estate Planning Organized with Help from a Reliable Company

Proper estate planning begins with a reliable company like Executive Planning Group. We offer comprehensive services to cover every aspect of estate planning. We help with financial planning, life insurance, planned charitable giving, and more. Learn more about our services and what we have to offer when you call us today or request a quote online.

Call us at 601-982-3000 to discuss your Mississippi estate planning needs.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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Advantages of an Executive Life Insurance Policy

Executives have different needs than typical employer-sponsored group benefits packages. They often have much higher incomes requiring larger death benefit payouts. For some enterprises, the passing away of certain executives could affect the company’s ability to stay in business. To recruit and retain top talent, having a robust benefits package that includes executive life insurance is critical. Working with an experienced insurance broker can set things in order.

Benefits and Features of Executive Life Insurance

Building employee loyalty is easier when you provide additional benefits such as executive life insurance. Here are some of the features and benefits that set this type of insurance apart from the rest:

  1. Provides extra protection for your key executives: Because of their higher incomes, executives need more considerable death benefit protection to fill the financial void after their passing. A life insurance policy for executives gives them higher protection to suit their unique needs.
  2. Gives access to cash value: Business owners may need access to additional cash to aid in uncertain economic times. An owner can borrow against the accumulated cash value to handle different business situations if they have a Whole Life policy.
  3. Create an executive bonus: Another way to help an executive obtain the life insurance they need is to pay them an amount equivalent to the policy premiums and tax liabilities. Using these funds, they purchase and own the additional needed coverage.
  4. Helps with succession planning: Think about buy-sell agreements and partnerships. When one party dies, what happens? An executive life insurance policy help companies buy the deceased partner’s share from their estate—this aids in mitigating conflict between involved parties.
  5. Equalize estates: For family-owned businesses, it can cause conflict among different members that may not have the same involvement. It is possible to use a life insurance policy as part of estate planning to equalize death benefits between family members.
  6. Retain key employees: If you want to provide additional retirement benefits to a key employee, using a life insurance policy helps. The company owns the policy. Once the employee retires, the policy’s funds are used to supplement the employee’s retirement income. Death benefits are paid to the company if the employee passes away before retirement.

Attract, Retain, and Protect Your Key Employees with Executive Life Insurance

Finding and retaining excellent talent requires a quality company work culture and an attractive benefits package. You can bolster your company’s benefits, including executive life insurance, when you work with the dedicated staff at Executive Planning Group. We get to know you and your company, review your existing plans and offer solutions to help you grow as an employer. Attract new and retain existing talent when you seek out our assistance. To learn more about our services and what we have to offer, don’t hesitate to get in touch with us today or request a quote online.

Call us at 601-982-3000 to discuss the advantages of adding executive life insurance to your company’s benefits package.

Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRASIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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