Bankruptcy Reader

Getting your bankruptcy insurance depends heavily on whether you work in a public or non-public corporation. It is assumed that many employers and employees will be looking into bankruptcy insurance as a means of protecting non-qualified deferred compensation plan benefits. If as an employee you wish to secure non-qualified deferred compensation plan benefits, bankruptcy insurance company is the place to head for.   

But there is a rider i.e. your boss’s willingness for your policy. In case of public corporation, the bankruptcy insurance company decides the price the policy based on readily available public information but in case of non-publicly traded corporation, a customer needs to get the financial statements of the company from your employer to furnish the same to the insurance company. Employees will have to counter the willingness of their bosses for company’s participation in furnishing financial information. As the IRS made it very clear in its private letter ruling that an employer may not have any involvement or participation in an employee’s purchase of a bankruptcy insurance policy…the chances rely on company boss. So please you boss!