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Executive Group Life (EGL) is group life insurance coverage designed to help executives and other senior professionals by providing a generally income-tax-free death benefit for their beneficiaries, as well as the opportunity to accumulate account value to meet future needs. Executive Group Life insurance enables most employers to enhance their executive benefits while still minimizing overall benefit costs.
As the employer, you can use Executive Group Life insurance to gain a competitive edge through the benefits provided to your executives and senior professionals. Executives can use this type of insurance as a new and valuable tax-deferred accumulation vehicle which can fund "living benefits1," such as post-retirement healthcare, by building policy account value in a tax-deferred manner and offering withdrawals tax-free up to the policy cost basis. The portability of the product allows continuation of coverage after individuals leave your firm2, giving them the opportunity to retain their EGL insurance—and all of the benefits associated with it—for the long-term.
The Executive Group Life insurance program helps employers:
The Executive Group Life insurance also provides employees with:
Covered individuals also receive additional flexibility to help ensure this valuable insurance evolves with their changing needs. Executive Group Life insurance participants may borrow or withdraw accumulated account values from their policy, providing them with another accessible source of funds and incur no charges for surrendering their policy after leaving an employer.
1 The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.