When Companies C.A.R.E.®

Between meeting business objectives, providing employees with competitive benefits packages, and serving as good corporate citizens, companies today face a host of responsibilities and challenges.

Leveraging company-owned life insurance, C.A.R.E.® is a revolutionary charitable giving program that provides banks, insurance companies, and corporations a way to support both their employees and their communities, and establish an ongoing philanthropic platform.

From COLI to C.A.R.E.™

COLI: Advantages and Concerns

Company-owned Life Insurance (COLI) is simply a policy purchased by a company wherein the company is the policy’s sole or partial beneficiary. Encompassing Bank-owned Life Insurance (BOLI), Credit Union-owned Life Insurance (CUOLI), and Insurance Company-owned Life Insurance (ICOLI), COLI is an attractive tool for a number of reasons, providing:

  • A tax-efficient way to fund employee benefit programs

  • Protection against the loss of key employees

  • Income through tax-deferred cash surrender value (CSV) growth

  • Tax-free death proceeds

This last point, though advantageous, can also be a cause for concern.

Addressing a Sensitivity

The idea of benefitting from the insurance component is a sensitive one for many companies. The team at The Galbreath Group conducted some research to fully understand this objection. We discovered that a major reason for the discomfort is that companies feel that the death benefit doesn’t align with their culture and purpose, which includes helping and serving others, such as their employees, their communities, and other charitable endeavors.

After weighing these comments, it occurred to us that the insurance component could be used to support the companies’ missions. If collecting death benefits engenders so much apprehension, why not give some or all of it away? Doing so would not only eliminate the negative stigma associated with the insurance component, but transform it into perhaps the most positive attribute. Thus C.A.R.E.™ was born.

Leveraging the proceeds from any form of COLI, C.A.R.E.™ strengthens community engagement and establishes a charitable legacy for both companies and their employees.

Committing Assets & Resources Equitably™

A Legacy of C.A.R.E.™

C.A.R.E.™ is a collaborative partnership between The Galbreath Group, banks, insurance companies, and corporations of all sizes created to realize a shared objective: helping those in need. A broad-ranging, inclusive resource, C.A.R.E.™ provides the mechanism to support any registered charitable causes its members choose.

Our vision is that organizations use their status as a C.A.R.E.™ Company toward becoming even more charitably inclined and involved in their communities, inspiring others and leaving a legacy of C.A.R.E.™ for years to come.

We believe everyone’s participation is important in making a difference. Toward that end, The Galbreath Group is committing a portion of net income from any relationship established through C.A.R.E.™ to charitable causes that we select and care about.

C.A.R.E.™ to Join Us?

Whether your organization already has some type of COLI plan or is weighing the possibility of adopting one, The Galbreath Group would welcome the opportunity to discuss how we can best serve your needs and help you become a C.A.R.E.™ Company.

For more information, please call 215.885.4300 or email us to discuss the steps.