Insurance
Life insurance plans owned by banks, corporations, insurance companies, and credit unions can serve as strategic financial tools designed to enhance talent management strategies.
Suite of corporate insurance services
The suite of insurance services offered by Newport, an Ascensus company, is provided by a responsive, experienced team of specialists who work closely with independent advisors and their clients to develop unbiased strategies and deliver programs that help meet each client's specific financial objectives.
Our suite of corporate insurance services covers a range of options for different types of organizations and their unique needs. Whether you’re looking for a solution for a bank, corporation, insurance company, or credit union, we can help you design and implement a plan that enhances your financial performance and rewards your key employees. Our services include:
BOLI
Bank-owned life insurance is a form of life insurance where the bank is the purchaser, beneficiary, and owner. This type of life insurance is a tax-efficient method for the bank to help offset employee benefit costs, as well as a tax-advantaged funding vehicle. It’s usually funded with a single premium deposit with highly rated insurance carriers.
COLI
Corporate-owned life insurance is a form of life insurance where the employer is the purchaser, beneficiary, and owner. The corporation is either the total or partial beneficiary on the policy, with benefits payable either to the employer or directly to the employee's named beneficiary. This type of life insurance is a tax-efficient method for the company to help offset the costs of nonqualified executive benefits.
ICOLI
Insurance company-owned life insurance is a form of life insurance where the insurance company is the purchaser, beneficiary, and owner of policies on the lives of select executives. It is usually funded with a single premium deposit. This type of life insurance is a tax-efficient method for the company to help offset the costs of non-qualified executive benefits. ICOLI earnings are based on a diversified investment portfolio managed by the life insurance carrier or an outside investment manager.
CUOLI
Credit union-owned life insurance is a form of life insurance where the credit union is the purchaser, beneficiary, and owner. This type of life insurance is used to help offset employee benefit costs. Similar to BOLI, this product can also be used to fund nonqualified benefits and is usually funded with a single premium deposit with highly rated insurance carriers.
Securities are offered through Ascensus Broker Dealer Services, LLC (“ABDS”), member FINRA/SIPC. Securities in California are offered under the d/b/a Ascensus Corporate Insurance Solutions. Other insurance products may be offered by Newport Group, Inc. For more information, please visit www.ascensus.com
