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Banks need to provide a competitive suite of employee benefits while also managing costs. One way to do that is by offsetting these expenses and/or informally funding executive benefits with a tax-advantaged bank-owned life insurance (BOLI) asset.
BOLI is a life insurance policy you can buy to insure the lives of your key employees. As the policy's owner and beneficiary, your bank gets unique benefits, including the ability to:
These benefits are a direct result of the fact that BOLI offers:
Our unique BOLI service model will help you understand every aspect of the transaction and plan design. We'll also help you implement, monitor and maintain those assets in line with the most current regulatory and compliance requirements.
At NFP, we’ve built a simple, sophisticated and streamlined BOLI system — all with the way you work in mind.
We call it CPADS, and it makes managing your BOLI program easier than ever.
Take as much – or as little – control of your BOLI administration as you need, with our proprietary, all-in-one tool that delivers:
As always, we’re completely upfront about how we can help you, every step of the way. There are no hidden costs, and if you ever have questions, just call up your account executive for help figuring out the answer.