Kim Purnell
A Wix Legend Marketplace Agency
CLIENT RESOURCES
BOLI (Banked Owned Life Insurance)
Bank-Owned Life Insurance (BOLI) is a type of permanent life insurance policy banks buy for high-salaried employees or board members. The bank pays for the coverage and is the beneficiary after the insured person’s death.
Banks primarily use BOLI contracts to fund employee benefits lower than they might otherwise pay. In a typical scenario, the bank sets up the contract and then makes payments into a specialized fund set aside as the insurance trust. The policy is bought on an executive's life¹⁴.
(1) What Is Bank Owned Life Insurance (BOLI), and How Does It Work?. https://www.investopedia.com/terms/b/boli.asp.
(2) What Is Bank-Owned Life Insurance (BOLI)? - The Balance. https://www.thebalancemoney.com/bank-owned-life-insurance-boli-definition-5220232.
(3) What is BOLI and How Does it Benefit Banks?. https://acumeninsurancesolutions.com/what-is-bank-owned-life-insurance-boli-and-how-can-you-benefit/.
(4) Frequently Asked Questions on BOLI - Executive Benefits Network. https://ebn-design.com/banking-services/frequently-asked-questions-on-boli/.
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Florida
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321-327-9049
Insurance & Retirement Planning Specialist
Kim Purnell
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Adaptive Marketing Group, LLC
898 Glendale Ave Palm Bay, FL 32907
Florida
A000000
[Mobile Phone]
321-327-9049
Insurance & Retirement Planning Specialist
Kim Purnell
FINRA, or the **Financial Industry Regulatory Authority**, is a self-regulatory organization that oversees the brokerage industry. FINRA has rules and guidance on disclosure in advertising and other communications with the public ?.
FINRA encourages members to be precise and succinct in their explanations and disclosures. Members often include in their communications disclosures that are not required by the rules, and FINRA does not object to additional explanations or information beyond what is required for rule compliance ?.
You can learn more about FINRA's rules and guidance on disclosure from their website ?.
Source: Conversation with Bing, 6/28/2023
(1) Regulatory Notice 19-31 | FINRA.org. https://www.finra.org/rules-guidance/notices/19-31.
(2) Advertising Regulation | FINRA.org. https://www.finra.org/rules-guidance/key-topics/advertising-regulation.
(3) Disclosure Report Cards | FINRA.org. https://www.finra.org/compliance-tools/report-center/disclosure.