Whether you’re a large company or a small family-operated business, your success depends on smart strategy and planning. We at Lowdermilk & Associates have partnered with Midland National to offer business solutions using life insurance to help ensure that you offer strong incentives that promote employee retention and help stabilize your business. An executive bonus plan can help reduce turnover of key employees that could result in potentially significant financial losses. We help provide our clients with a win-win business solution with an executive bonus plan using life insurance.
Attracting, retaining and rewarding employees can be challenging. Certain employees are essential to the life of a business and keeping them committed is essential. With executive, owner, or key team member departures, your business could be affected by:
poor employee morale
loss of key accounts
A unique benefit option to promote employee retention, that does not have to be offered to all team members, is an executive bonus plan. Executive bonus plans use life insurance to provide a combination of death benefit protection and potential cash value accumulation, for little or no cost to the employee.