Employer Benefits

A number of factors go into putting together a group insurance package, and the cost is usually the number-one concern for business owners. JMG’s Benefit team has access to carriers nationwide, which allows for the most competitive options to tailor a package that suits your business and makes your employees happy without breaking your business budget.

Employer Benefit Programs:

• Medical insurance (Traditional, High Deductible, HSA, HRA, Level-Funded, ASO)
• Dental insurance
• Vision plans
• Disability insurance
• Life insurance
• Voluntary products
• Travel Medical
• Specialty programs
• Hawaii Temporary Disability Insurance

Executive Benefit Programs:

Key-Person Insurance

Every successful business has one or multiple employees who are responsible for the success of the business. When a business loses one of these key people, it may suffer a tangible financial loss resulting in a reduction of earnings, disruption of management, replacement costs, credit problems and more.

The solution is Key Employee Life Insurance.
Key Employee insurance is a life insurance policy that a company purchases on the life of an owner, a top executive, or another individual considered critical to the business. It can help protect your company in the case of an untimely death or disability of a top salesperson, executive or business owner.

Proceeds from Key Employee Life Insurance can be used to
Fund the purchase of a deceased shareholders ownership interest in the business.
Provide a financial reserve during the adjustment period to replace lost profits, locate, hire and train a replacement.

The bottom line is that Key Employee Insurance can provide the financial lifeline your business needs following the loss of a key employee.

Buy-Sell insurance

A buy/sell agreement, also known as a buyout agreement, is a contract funded by a life insurance policy that can help minimize the turmoil caused by the sudden departure, disability or death of a business owner or partner.

Many business owners choose one of two buy/sell agreements life insurance plans:

A Cross Purchase Plan – a cross purchase agreement depends on each business owner buying a life insurance policy on each of the other owners. Then, when and owner dies, the remaining owner use the payout from the life insurance policy to buy the deceased owner’s share of the business.

An entity purchase, or stock redemption plan – each employee-owner enters into an agreement with the business to sell their interest in the business. As part of the agreement, the business buys life insurance policies on the lives of each owner. The business pays the premiums and therefore exists as the owner and the beneficiary of the policy. When an employee-owner dies, the shares of the company passes to the heir of his or her estate. Then the business can use the policy’s death benefit to buy the interest from the estate.