How Petra's Key Person Plan Works
A life insurance policy is taken out on the pastor; the church pays the premiums and is the beneficiary and owner. If they take out a permanent policy, the church will also have cash benefits that can build up, so that policy becomes an asset to the church. View the video description HERE.
How Petra's Executive Bonus Plan Works
An executive bonus plan adds advantages to the pastor as well as the church. The pastor applies for and owns the life insurance policy, with the right to designate the beneficiary(ies) of the policy. The church then pays the “bonus” premium directly to the insurance company.
Information to share
Download a description of Petra's Key Person plan design.
Click here for our Key Person flyer!
Share with your church leadership team!