Providing financial solutions to complex business needs
Current U.S. tax code and ERISA regulations restrict the ability of high-income executives and professionals to accumulate significant wealth for retirement using qualified plans as a sole means to fund retirement. In addition, highly compensated professionals may find themselves challenged to manage and distribute wealth efficiently if it is held in conventional taxable accounts. Other organizations may seek greater flexibility in how they attract, retain, and reward highly valued employees and business partners.
Our institutionally priced products include universal life and variable universal life policies that offer opportunity for unlimited contributions, liquidity, tax-deferred growth, tax-free access to cash values and beneficiary protection in the form of a tax-free death benefit.
What can financial solutions from Great-West Financial® do for my business?
Great-West Financial® partners with financial professionals nationwide to offer a specialized line of products to help meet a broad range of personal and professional goals. Financial professionals — whether retirement-focused advisors and consultants or wealth management specialists who meet our criteria for selling and servicing our products — who work with high-income executives, corporations, banks, partnerships and retirement organizations are able to leverage our products in ways that serve the highly customized needs of their clients.
Our commitment to collaborating with and serving the needs of financial professionals and our distribution partners in the business solutions space is unparalleled.
- Clients first — We work with financial professionals across the country to create innovative, highly customized and individualized financial solutions for their clients.
- High-touch service — Advisors and their clients can depend on receiving high-quality, personalized service from Great-West Financial. Our dedicated team of over 40 associates works on placing cases at the front end and answers questions financial advisors or their clients have after contract issuance. Since 1986, underwriting for the vast majority of cases in the BOLI/COLI segment has relied on highly streamlined, technology-driven, guaranteed issue processing. Our commitment to responsive, client-focused service has helped us remain a leading business solutions provider for nearly three decades.
- An insurance leader — Great-West Financial is the No. 3 insurer by total premium of bank-owned life insurance sold to U.S. banks (as of December 31, 2014, IBIS Report, Fourth Quarter 2014).
- Voted top provider — Great-West Financial was named the top recommended provider in the Executive Benefits Brand Survey in 2014 and 2015, leading the pack in wholesaler, administrative and new business support.
Bank-Owned Life Insurance
Great-West Financial offers two bank-owned life insurance (BOLI) products designed to help community banks finance the cost of executive benefits on a tax-free basis. The Single Premium Universal Life product offers a bank a stable interest-crediting rate where the premium is invested by Great-West Financial professionals in our General Account. The Hybrid Single Premium Universal Life product combines the key features of a separate account BOLI product with those of a general account BOLI product, allowing clients to better customize their investment portfolios and pursue their investment goals.
Corporate Owned Life Insurance
Great-West Financial’s Corporate Owned Life insurance products are highly customized, comprehensive accumulation and distribution solutions designed to help high-income executives and businesses address a range of personal and professional financial goals. In addition to investment opportunities, COLI offers a number of advantages, such as tax-free growth, tax management and control, and tax-free distributions and death benefits. The Registered Variable Universal Life product offers over 80 insurance dedicated funds to choose from and can be purchased by a corporation of any size. The Private Placement Variable Universal Life product offers over 240 insurance dedicated funds and complete flexibility in product design. This product is only offered to accredited investors.
Nonqualified deferred compensation
Compensation can be a critical element to attract and retain valuable employees. For highly compensated earners, however, qualified plans place an annual compensation limit of $265,000 for the purposes of making contributions to a plan. One option that can give you and your key employees greater flexibility is a nonqualified deferred compensation plan from Empower.
162 Bonus Plan
The 162 Bonus Plan from Great-West Financial provides tax-advantaged retirement income through an individual variable universal life policy. This plan can be used as an after-tax nonqualified savings tool for business owners or can be offered as an employee benefit where the employer may pay all or part of the premium.
To learn more about how business solutions from Great-West Financial can help solve your corporate clients’ most complex financial challenges, visit our business solutions Group.
Group retirement plans
Empower’s goal is to make this dream possible for everyone by harnessing the potential of new technologies, continually innovating plan designs and investment products, and providing the highest-quality service in the industry. Group retirement plans from Empower serve participants, employers and our distribution partners.
The business solutions Group is a dedicated staff of professionals with an average of over 10 years of experience in the life insurance and executive benefits business. We have created a specialized line of products to meet the personal and professional goals of high-net-worth executives. Our solutions include bank, corporate and retirement markets, including the sale and in-house servicing of universal life and variable universal life policies that offer tax-efficient asset accumulation, asset management and distribution strategies.
For more than 20 years, Empower Institutional has helped institutions build their brands and expand their retirement service offerings by providing them retirement plan recordkeeping services along with customizable, flexible and scalable solutions. As a behind-the-scenes extension of an organization, we empower an institution to:
- Focus its energy and investments on its core competencies.
- Remain on the leading edge of technology and innovations.
- Create efficiencies that can add to its bottom line.
- Maintain autonomy and grow client relationships.