DANBURY, Conn.--(BUSINESS WIRE)--Corporate Compensation Plans (CCP) announced the availability of a group life insurance plan with non-cancelable coverage, guaranteed premiums, lifetime coverage and optional disability protection. In addition, the plan can be provided on a guaranteed issue basis without medical examinations(1).
“The reason group and individual term life insurance is so inexpensive,” said Philip Davis, CCP’s President, “is because only a relatively few people die before their term life policies expire. However, after that date death becomes a certainty and, as a result, term insurance owners find that it is either impossible to maintain their insurance after retirement or that it is almost prohibitively expensive to do so.”
The Plan solves this problem by providing lifetime term life insurance protection with two significant guarantees: the coverage can never be canceled and the premiums can never be increased. In addition, a separate disability component can be elected that will pay premiums for disabled employees until they become age 67.
“The Plan,” commented Tasha Mayberry, CCP’s marketing vice president, “is attractive to affluent individuals because the rate of investment return to life expectancy is comparable to that of current long term bond yields.” She continued, “In addition, owning permanent life insurance enables individuals to increase their retirement income either by spending assets that otherwise would have to be earmarked for their family’s financial security, or by maximizing life annuity options from their pension programs. Permanent insurance also provides estate liquidity as well as protection for retirement plan assets that can be subject to both income and estate taxes.”
The Plan can be provided without regard to IRS discrimination rules and corporations and partnerships can make the protection available as supplemental coverage or as a replacement for a portion of their group term life insurance coverage.
Further, premiums can be paid either on a pooled or age-related basis, and CCP can perform all of The Plan’s necessary communication, enrollment, and administrative functions.
For details call Tasha Mayberry at 800-334-6447 or email her at firstname.lastname@example.org.
(1) Individuals who have missed five or more consecutive days of work because of an illness or injury during the 90 days preceding enrollment may be asked to provide evidence of insurability.
For over four decades Corporate Compensation Plans has been providing tax and cost effective innovative benefit programs to many of the country’s largest corporations and law firms. CCP’s address is 457 Main Street, Danbury CT and its website can be viewed at www.corpcompinc.com.