Advantages to participants:
- Protects Future Earnings:
The ability to earn income is usually a person's most valuable asset.
- Funds Disability Benefits:
If the disability definition is met, participants will receive benefits under the plan.
- Supplements Other Benefits:
Plan benefit amounts can be coordinated with existing group and individual disability protection.
- Involves Low-Cost Outlay:
If the company pays the premiums, under the Section 162 Bonus Plan, the employee only pays some additional income tax. With payroll deduction or split-dollar, the employee receives a policy discount.
- Promotes Job Security:
Employers provide selective benefits only for highly valued employees.
- Allows for Portability:
Insured employees (including owner employees) who leave the company can take their individual disability income protection with them.
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