Personal Insurance

Life Insurance

The death of a spouse or parent who provides financially for loved ones can have a profound and lasting impact on survivors.  Beyond the emotional pain and loss, family members are immediately faced with the loss of income.

When that happens, a family may be thrust into the troubling position of making tough choices and hard decisions.  The family’s way of life—the home, the schools, the hobbies and interests, the lifestyle—may quickly change with less income.

While there are dozens of types of insurance, we believe none is more important that life insurance.  At a time when loved ones are grieving your loss, don’t make matters even more painful by not providing the proper amount of life insurance.

Crutchfield & Graves is here to provide solid guidance and solid plans.

No one can predict the future.  But together, we can make sure your family and loved ones will never worry about making ends meet.

Disability Insurance

The numbers are startling.  By the time you finish reading this sentence, another American worker will have become disabled by an accident or illness.

One of every four workers in the U.S. will incur a disabling injury before reaching retirement.


Employer/Employee Insurance

Crutchfield & Graves provides a range of insurance plans for companies and their employees.

Executive Bonus Plans (also known as 162 Plans): With this fringe benefit plan, the employee owns a permanent life insurance policy on his or her life.  The employer pays the premiums directly or indirectly by means of a bonus paid to the employee.

Nonqualified Deferred Compensation Plans: Under this arrangement, the employer provides extra benefits to a select group of key employees over and above the limitations on qualified plans. These plans can discriminate in favor of key people, with different plans for different employees. They provide “golden handcuffs” on the key employees by means of delayed vesting schedules. While employer contributions to a plan are not currently tax deductible, the employer can deduct the amounts when paid to the executives or their beneficiaries. Life insurance can be used to provide cost recovery to the employer.

Split Dollar Plan: With this plan, the employer and employee to split the benefits on a life insurance policy. There are two basic types: (1) the employer pays the premiums as loans to the employee who owns the policy, and (2) the employer owns the policy and the cash values and the employee is only taxed on the value of his/her insurance benefit. In either arrangement, the employer’s interest is secured by both the policy cash values and death benefits. These plans can be provided for key employees only, including officers and stockholders.