Term Life Insurance Definitions helps the buying public to become more knowledgeable of term life insurance and  permanent life insurance.

 Apply!   
       
Mon.-Fri. 9-5 ET
 Toll Free 888.587.8511 
Help: Contact Us

 Policy Owner Service Phone Numbers >>

America’s Top Rated Term Life Insurance Companies
American General | American Mayflower | Banner | Chase | Empire General | F & G | First Colony | Genworth | ING | Jefferson-Pilot | Lincoln Benefit | Lincoln National | North American | Protective | Prudential | RBC - Liberty Life | SBLI | Security Mutual | Transamerica | Union Central | U.S. Financial | West Coast | William Penn

Affordable buy online in 10 minutes from a  top rated carrier!

get a quote Health Insurance Quotes!

get a quote Disability Insurance Quotes!


Offering The Best Policy Language For Physicians From Top Rated Disability Insurance Companies!

get a quote Long Term Care Insurance Quotes!
Available From Top Rated Long Term Care Insurance Companies!



 
 


Term Life Insurance by Top Companies
 For the serious shopper who would like a seasoned professional to assist them-
Term Life Insurance Quotes     Term Life Insurance No Exam

 Offering the Largest Selection of Top-Rated Companies Instantly!  Why is this important?
 Personalized Tele-Application for All Companies, Right Over the Phone!
 More companies allows for the best opportunity to obtain the lowest term life insurance quote!

About Supplemental Executive Retirement Plans - SERPs

 
A salary continuation plan generally uses a defined- benefit type of formula to calculate the benefit amount
 
The salary reduction approach typically resembles a defined-contribution plan, with individual "accounts" that usually have an investment element for each participant.

Economically, both the salary continuation and the salary reduction approach amount to the same thing, but represent significantly different underlying compensation philosophies.

Employer-instituted plans often use the salary continuation approach rather than salary reduction, but this is not universal.


Salary Continuation (Defined Benefit) Formulas

The salary continuation or defined-benefit approach usually specifies plan benefits as a percentage of compensation.

Compensation for this purpose is typically measured over a three to five year period of the employee's highest earnings, as in a qualified defined-benefit plan. The benefit payable can also be dependent on the employee's years of service.

The salary continuation benefit can be integrated with social security, usually using a 100 percent offset.

For example, the nonqualified plan might provide an annual retirement benefit of 60 percent of the employee's final average (or highest three year average) compensation less the actual social security benefit paid to the employee.

The complex social security integration rules applicable to qualified plans do not apply so any suitable type of integration formula can be used. An offset for other types of benefits can also be used in the formula; for example, the nonqualified salary continuation payments could be offset by any other retirement or disability pay- able to the employee under qualified or other plans.

A SERP is a plan similar to a qualified defined benefit plan in that it focuses on providing adequate retirement income to executives. Benefit formulas and other provisions are similar to those for qualified defined benefit plans. The term SERP is usually used to refer to a plan covering a relatively broad group of executives. A company may also refer to its entire collection of special retirement benefits for executives as a "SERP"



   
HTML Comment Box is loading comments...



TermLifeAmerica.com- Lewis Fink is licensed as an insurance agent offering Life Insurance in the following states: Alabama - AL, Arkansas - AR, California - CA, Colorado - CO, Connecticut - CT, Delaware - DE, District of Columbia - DC, Florida - FL, Georgia - GA, Idaho - ID, Illinois - IL, Indiana - IN, Iowa - IA, Kansas - KS, Kentucky - KY, Louisiana - LA, Maine - ME, Maryland - MD, Massachusetts - MA, Michigan - MI, Mississippi - MS, Missouri - MO, Montana - MT, Nebraska - NE, New Mexico - NM, New Jersey - NJ, New York - NY, North Carolina - NC, North Dakota - ND, Ohio - OH, Oklahoma - OK, Pennsylvania - PA, Rhode Island - RI, South Carolina - SC, South Dakota - SD, Tennessee - TN, Texas - TX, Utah - UT, Vermont - VT, Virginia - VA, and Wisconsin - WI.  


Not all insurance products from all insurance companies are available in all states.
<Return To Previous Page>