The idea that social security can compensate for any loss of income or other assets in the event of illness or death within the family is becoming less and less common. Though many people would like to rely on basic social services to help keep them and their families happy and provided for, such a scenario often isn’t realistic. Thankfully, various life and pension plans exist to help families mitigate the risks of everyday life and of growing older. Many savvy policy holders use MDS to take advantage of some of the best tools available for creating or extending coverage for life and pension plans.
Quality life insurance plans are designed to indemnify selected beneficiaries in case of the death of the policy holder due to natural causes or an accident. Policies can be created for the specific needs of different groups, from executive teams to employees or athletes, and can be arranged either as a stand-alone product, or as part of a package along with coverage for accident or illness. Pension plans differ in that they typically seek to extend the utility, coverage, and applicability of social security systems. These plans are greatly beneficial for professionals and their families, providing adequate care and a superior quality of life following retirement or after reaching a defined milestone.
Plans for life and pension can diverge in their structure and the potential benefits they offer to policy holders. MDS is committed to helping clients identify, investigate, and understand their particular needs before a plan or group of plans is crafted. Pension plans can assume either “BD” (Benefit Defined) or “DC” (Defined Contribution) arrangements. While BD plans have been standard for some time, they are losing popularity in favor of DC plans, which provides a greater opportunity for financial stability. Mixed plans also exist, and cater to the precise needs of policy holders and employers for nearly any situation.
Financing and managing pension plans is a significant challenge for many companies, and one that requires the partnership of a qualified insurance expert. MDS works with companies to help make the availability and administration of superior plans smooth and reliable. From determining legal and regulatory support to presenting the benefits while comparing advantages and downsides of pension funds, MDS is able to work with all types of clients to create and manage pension arrangements.
MDS’ talented insurance professionals will work to help you protect prosperity and promote wellbeing after a tragedy through superior coverage products and strategies. Call or write us with your questions or to learn more about our life and pension offerings; we’re eager to help.