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Group Health Insurance
Group health, life, and disability insurance plans are employee benefits programs designed to provide comprehensive protection and financial support for employees and their families. These plans are typically offered by employers as part of a benefits package to enhance employee well-being, attract talent, and retain staff. Each type of plan addresses different aspects of employee health and financial security.
Group health insurance plans provide medical coverage for employees and often extend to their dependents. These plans aim to ensure access to necessary healthcare services and help manage healthcare costs. Types of Plans: Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), Point of Service (POS), High Deductible Health Plan (HDHP) with Health Savings Account (HSA).
Group Life & Disability Insurance
Group life insurance provides a death benefit to employees’ beneficiaries in the event of the employee’s death. This type of insurance helps provide financial security to employees’ families. Types of Plans: Basic Group Life Insurance, Voluntary (Optional) Life Insurance, Dependent Life Insurance, Accidental Death and Dismemberment (AD&D) Insurance
Group disability insurance offers income replacement if employees are unable to work due to illness or injury. These plans help protect employees’ financial stability during periods of disability. Types of Plans: Short-Term Disability (STD) Insurance, Long-Term Disability (LTD) Insurance, Supplemental Disability Insurance.
Executive Bonus Plan
Executive bonus plans are specialized compensation programs designed to incentivize and reward senior executives for their contributions to a company’s success. These plans aim to align executives’ performance with the company’s strategic goals, enhance motivation, and retain top talent. Typically, executive bonus plans are structured to offer additional financial rewards on top of base salary and other benefits. Types of Executive Bonus Plans include: Performance-Based Bonus Plans, Discretionary Bonus Plans, Long-Term Incentive Plans (LTIPs), Non-Qualified Deferred Compensation (NQDC) Plans, Supplemental Executive Retirement Plans (SERPs).
Key-Man / Buy-Sell Insurance
Key-man and buy-sell insurance are specialized types of business insurance designed to protect companies from financial losses related to the death or disability of key individuals and to facilitate smooth ownership transitions. These insurance plans help ensure business continuity and stability in the face of unforeseen events involving critical personnel or ownership changes.
Key-man insurance, also known as key person insurance, provides financial protection to a company in the event that a key employee, whose expertise and leadership are critical to the business, becomes incapacitated or passes away. This coverage helps mitigate the financial impact and support the company during the transition period. Types of Plans: Term Life Key-Man Insurance, Permanent Life Key-Man Insurance, Disability Key-Man Insurance.
Buy-sell insurance is designed to facilitate the smooth transfer of ownership in a business in the event of a partner’s death, disability, or retirement. It ensures that the remaining owners have the funds to buy out the departing owner’s interest and provides financial stability for the business and the departing owner’s estate. Types of Plans: Cross-Purchase Agreement, Entity Purchase Agreement (Stock Redemption Agreement), Hybrid Agreements, Disability Buy-Sell Insurance.
Business Overhead Expense
Business Overhead Expense (BOE) Insurance is a type of insurance designed to help small business owners cover their essential operating expenses if they become unable to work due to illness or injury. Unlike disability insurance, which provides income replacement for the business owner, BOE insurance focuses on covering the ongoing costs necessary to keep the business running during the owner’s absence. This insurance helps prevent financial strain and ensures business continuity despite temporary disruptions in leadership.
Types of Business Overhead Expense Insurance Plans: Basic Business Overhead Expense Insurance, Comprehensive Business Overhead Expense Insurance, Short-Term Business Overhead Expense Insurance, Long-Term Business Overhead Expense Insurance, Specialized BOE Insurance.
Get in Touch
Whether you’re just starting to explore insurance options or seeking to review and optimize your existing coverage, Vital Insurance Agency, Inc. is here to help. Contact us today to schedule a consultation and take the first step toward securing your future.