Group Employee Benefits
In today’s highly competitive marketplace, it is becoming increasingly difficult for business owners to attract and retain top talent. Salary is no longer the sole compensation driver. Employees are also looking at an employer’s overall benefits package and its potential to help address their real concerns of financially protecting their families in addition to adequately planning for retirement. Designing an attractive employee benefits package may seem expensive, but the tax considerations can help offset the overall cost and its impact on current and prospective employees could be rewarding.
Protection Plans for Owners and Key Employees
In addition to the standard benefits package that includes group medical, dental, life disability and retirement plans, employees are looking for benefit plans above and beyond the standard packages. These benefits often provide the primary incentive for key employees to join and remain loyal to your company.
Disability Insurance: An individual disability income insurance policy can help supplement group long term disability benefits and protect a larger portion of income. This, in turn, provides a fundamental layer of security for the key employees financial future.
Life Insurance: Group term life insurance provides protection while employed and may be suitable for short term needs. The addition of a permanent life insurance policy can address long term needs and provide protection for a key employee’s entire life, as long as the policy remains in force.
Business Protection: Additional life insurance on an owner or key employee with the business as the beneficiary, can protect the business from the unexpected impact on day-to day operations caused by the death of key managers and generators of business income.
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