Yes, you can use a flexible and discretionary plan known as an executive bonus plan.
An executive bonus plan is an arrangement where the employer makes the premium payments for a life insurance contract owned by the employee. The bonus is usually tax-deductible to the business and is taxable to the employee as ordinary income.*
*Consult your tax advisor for more information.
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Universal life insurance
Universal life insurance is a kind of permanent life insurance coverage that provides flexible protection and cash accumulation that you can adjust as your needs change.