In today's economic environment, even successful business owners can have difficult retaining and recruiting talented employees. Many are asking, "What's the best way to reward my most valuable employees, so they will want to stay with us?"
While qualified plans are one answer, they have a serious limitation: All employees must be included–everyone, regardless of the benefit to the company–must be included.
Fortunately, there are other options designed to reward only certain employees. There are several possibilities to pursue, including he nonqualified deferred compensation plan, disability income plans; and corporate term life plans. But the one we want to focus on today is the opportunity with long-term care.
In the business marketplace, there are now simplified issue products for three to 10 lives, depending on the insurance company. It is also possible to extend the LTC to employee spouses.
