Deferred Compensation & Bank Owned Life Insurance (BOLI)
Motivating and retaining key personnel is always an important goal of an organization. There are several ways to accomplish this goal including Deferred Compensation plans and Bank Owned Life Insurance.
A deferred compensation plan can provide for the salary of a select group of management or highly paid employees to be continued or paid to designated persons if death occurs prior to retirement. These plans are also referred to as salary continuation or supplemental executive retirement plans.
Bank Owned Life Insurance (BOLI) can provide an excess level of life insurance while providing your bank and its top performers with:
- Executive & Director Incentives
- Financing Strategies to Offset Costs & Increase Bank Earnings
- Compliance Monitoring
For more information on Deferred Compensation or BOLI plans, visit the website of the MBA partnering company Bank Financial Services. Bank Financial Services (BFS), will do a thorough analysis to provide your bank with customized strategies to motivate and retain key personnel, increase the bank’s after-tax ROI and improve your bottom line.
Executive Supplemental Income Replacement
This program is exclusively for a bank’s executive level employees whose income is not sufficiently replaced on the bank’s long-term Disability plan. Additional coverage of up to 75% of income replacement may be obtained, and up to 100% for catastrophic disabilities. Premiums are level for the lifetime of the insured, and coverage includes a guarantee issue conversion to a Long Term Care policy between the ages of 61-70.