Univest Corporation Of Pennsylvania (UVSP) has shared an update.
Univest Bank and Trust Co. has launched a new Split Dollar Life Insurance Plan for key executives, including the top brass like Jeffrey M. Schweitzer and Michael S. Keim. This plan entitles selected employees’ beneficiaries to a death benefit of double the executive’s salary. The bank retains the right to the remaining insurance proceeds and becomes the sole beneficiary if an executive leaves the company for any reason other than death. This strategic move aims to provide financial security for the families of the company’s leadership in the event of their untimely passing.
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