Executive Benefits

SCM offers our valued clientele several life insurance products for business continuation and employee retention strategies. Business life insurance not only protects companies from negative financial impacts, it may also attract and retain skilled employees. In addition, SCM offers multiple life insurance products for our customers’ personal financial protection. A brief description of some of the products we offer are listed below.

Key Person Life Insurance

Key Person Life Insurance is a business continuation strategy to minimize the financial hardship in the event of the untimely death of a “Key Person”. Losing a “Key Person” with a unique set of skills, abilities and important business relationships may cause an immediate loss of revenue. As long as certain IRS codes are met, the business receives a tax free, lump sum, cash benefit upon the death of a “Key Person” to help the business:

  • Recruit, hire and train another qualified individual
  • Offset the possible loss of important business relationships
  • Protect credit ratings

Buy-Sell Agreements

Essentially, a Buy-Sell Agreement funded by a life insurance policy keeps the company liquid in the event of an owner’s death. The life insurance policy is issued on the owner, with the company as the owner and beneficiary. In the event of the owner’s death, the company receives a tax free, lump sum, cash benefit to purchase the deceased owner’s shares. A Buy-Sell Agreement funded by life insurance can:

  • Provide the owners and heirs with financial security
  • Establish who controls the business if an owner dies
  • Free the surviving owners from unwanted capital strain on the business
  • Provide a market for the business, an orderly transfer, and a mutually agreeable price

Executive Bonus Plans

Attracting and hiring qualified employees demands a company to increase compensation packages to include added benefits. Executive Bonus Plans allow a company to offer an employee the option to apply for, own, and choose the beneficiary of a life insurance policy and then bonus the employee the cost of the insurance policy. Executive Bonus Plans help businesses:

  • Recruit high quality employees
  • Retain high quality employees

Personal Life Insurance

Personal Life Insurance can be used as a supplement for retirement savings or a lump sum tax free death benefit for:

  • Mortgage protection
  • Income replacement
  • Estate conversation
  • Basic Last Expenses
  • Charitable Giving
insurance businessman

“Our company has been doing business with SullivanCurtisMonroe for over 15 years and we have found this organization and its employees to be both knowledgeable and professional in every aspect. We have absolute confidence in their abilities and consider them our partners.”

CFO, Plastics Manufacturer