Call Us Today For A Free Quote | 866.896.1555
  • Home
  • Get a Quote
  • Group Services
    • Fully Insured Group Medical Plans
    • Self-Funded Medical For Businesses
    • Wellness
    • Gap Plans
    • Limited Benefit Plans
    • Defined Contribution & Defined Benefit Plans
  • Financial Services
    • Annuities
    • Life Insurance
    • Tax Advantage Plans
    • Tax-Free Retirement
    • 403b & 457 Plans
    • Executive Compensation & Bonus
    • Key Man Protection
    • Long Term Care
    • Financial Planning
  • Voluntary Benefits
    • Short Term Disability
    • Accident
    • Cancer
    • Critical Illness
    • Dental Insurance
    • Vision Insurance
    • Indemnity Plans
    • Individual Medical Plans
    • Telehealth
    • Legal Shield
  • Resources
    • Refer a Friend
    • Insurance Glossary
    • Document Library
    • Videos
  • About Us
    • About Mayfield & Associates
    • Private Insurance Exchange
    • Location Map
    • Privacy Policy
  • Contact Us
    • Join Our Newsletter
    • Contact Us
    • Proof of Coverage Submission
    • Application Submission
Expert advisors make all the difference
 
Home > Financial Services > Key Employee Life Insurance - Gulfport, MS

Key Man Protection

Safeguard the Continuity of Your Business

Almost every business has key employees who are essential to its overall success.

Key Employee Life Insurance is designed to protect a business from financial loss at the death of a key employee. This employee could be the owner of the business or an employee whose services or knowledge are crucial to the business and costly to replace.

Key Employee Life Insurance

  • Provide cash to offset the loss of profits due to the death of a key employee. 
  • Provide funds to recruit and train a qualified replacement. 
  • Protect the company’s credit position by reassuring banks and other creditors that the company will have the resources to honor its obligations, even if it loses a key employee.
  • Provide a financial hedge against a loss in business value.

Federal Income Tax

Life insurance proceeds are generally received free of federal income tax. However, if the policy does not meet the notice and consent provisions under Internal Revenue Code section 101(j), proceeds in excess of the amount of premium paid will be included in the employer’s income.

Because the business has an interest in the tax-free death benefit, premium payments are not tax deductible.

Alternative Minimum Tax

Death benefits and cash value accumulation may be subject to the Alternative Minimum Tax.

Heirs

If the employee is also a part owner in the business, proceeds can be used to buy the employee’s interest from the employee’s heirs or estate.

Eligibility

The employer can be selective about which employees to cover.

Key Employee Life Insurance may be used in most business entities.

 


IRS CIRCULAR 230 NOTICE

Any U.S. tax information included in this written or electronic communication, including any attachments, is not intended as tax advice, was not intended or written to be used, and it cannot be used by you or any taxpayer, (i) for the purpose of avoiding any penalties that may be imposed on you or any other person under the Internal Revenue Code or applicable state or local tax law provisions, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


Steps to building a Key Man Protection plan in Gulfport, Biloxi, Long Beach, Ocean Springs, Hattiesburg, Jackson & Pascagoula, Mississippi as well as Texas, Louisiana, Alabama, Tennessee & Florida.







Mayfield  and Associates, LLC BBB Business Review
Instant Quote
Get Started
Referrals
We love referrals! And thank you even more for your continued business.
Helpful Videos
Watch our collection of educational videos for the best tips.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
  • Carrier
  • Carrier
  • Carrier
  • Carrier
 
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates Home Page
About Us
Get A Quote
Partners
Referrals
Contact Us
Mayfield & Associates
12452 Suite B Highway 49 North
Gulfport, MS 39503

Toll-Free: 866.896.1555
Local: 228.896.1555
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder