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WHETHER AN INSURANCE OR RETIREMENT PLAN, LET’S MAKE SURE YOURS IS UP TO DATE.
Chances are your business’s needs have changed over the past year or so, just as your company has. Here are some items to review:
MEDICAL COVERAGE.1
Rising costs have made health care the wild card of your company’s planning strategy. Three points to consider:
QUESTIONS TO ASK.
KEY EXECUTIVE LIFE INSURANCE.
Your key people are your greatest assets. Life insurance can reimburse the company for loss of services if a key person dies. If you don’t have key person coverage on your most valuable people (that includes you), you ought to at least explore its advantages. If you already have this valuable insurance, it may be time to review it.
QUESTIONS TO ASK.
DISABILITY INSURANCE1
If you, a partner, or a key employee become disabled, the loss to the company could be just as great as if he or she died. In fact, it could be worse, because that person would still require an income.
QUESTIONS TO ASK.
BUSINESS PROTECTION, PROPERTY,2 AND LIABILITY COVERAGE.2
A fire, vandal, or storm can wipe out your business in minutes. A bigger risk is being sued. That’s why it’s important to make sure your assets are protected.
QUESTIONS TO ASK.
BUSINESS SUCCESSION OR BUY-SELL PLAN AND THE INSURANCE COVERAGE TO FUND IT.
If you don’t have such a plan, perhaps this is the year to implement one. This type of plan helps ensure that your family is appropriately compensated for the business if anything happens to you.
QUESTIONS TO ASK.
DEFERRED COMPENSATION.
Deferred compensation allows you to pay a portion of an employee’s compensation at a future date. It’s an attractive incentive for select employees as well. By deferring a current raise today, you can potentially get a tax break for yourself. Plus, you will be providing for your own future. As always, check with a tax professional about any potential tax implications.
QUESTIONS TO ASK.
QUALIFIED RETIREMENT PLANS.
Many small businesses are looking for ways to provide a retirement plan for their employees and for themselves.There are a number of options, including Profit Sharing Plans, Simplified Employee Pensions, and SIMPLE Plans that can help you build a retirement plan for your business.
QUESTIONS TO ASK.
A New York Life Agent would be happy to review your life insurance and retirement plan needs during a no-cost no-obligation meeting.
1 Products available through one or more carriers not affiliated with New York Life Insurance Company; dependent on carrier authorization and product availability in your state or locality.
2 Property and liability is not offered through New York Life.
This material is for informational purposes only. Neither New York Life nor its Agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.