Reasons To Offer A Group Benefit Package
Why offer a group benefit package for your employees when it will:
- Cost money
- Offer the opportunity to be abused
- Not appreciated
However, consider this: three in ten Canadians don’t have any individual life insurance and that number doubles when it comes to disability or critical illness. AND about one-third of those with coverage worry they aren’t adequately protected.
Why’s that your problem?
Like it or not, at some point it will come up as a ‘problem’ requiring a solution.
There’s the old adage, better to be prepared than surprised. So, what’s the plan when an employee dies or becomes disabled.
- Shrug your shoulders and say ‘oh well’
- Pay a lump sum from company coffers to assist with the struggling family
- Take up a collection
You could offer a strategically designed Employee Group Benefit Package
A well thought out, customized plan can offer peace of mind for the company and employees by offering the protection they need, and make your company a place where people want to work.
It has been proven, such a benefit plan will:
- Attract and retain quality employees Offering benefits is usually the difference between recruiting top talent who will stay over the long term verses that same talent ‘checking out the competition’ when their inevitable need for coverage becomes apparent.
- Provide Tax-effective Incentives Developing a competitive benefit plan that flows with the business plan adds to the overall compensation employees receive. Without this coverage employees are forced to pay for health and dental services with after-tax income.
- Ensures Financial Security Conserving a family’s hard earned wealth in the event of a death or disability. Assisting in paying for catastrophic drugs, which may make the difference between a person being gainfully employed or unable to work due to illness.
- Protect the Integrity of the Business When an employee is unable to work due to illness or accident, which was not work related, the financial security of a benefit plan ensures the company’s investment in that employee is protected from the financial strain until they can return to work.
- Boosting Productivity In addition to the ‘popular’ items listed on a traditional benefit plan, a uniquely focused package can ensure specific coverage for additional benefits be implements to ‘fit’ within the unique corporate culture of your organization. Items such as employee assistance, flexible health spending accounts, remote, specialized second options in the event of a catastrophic diagnosis, management training support and more.
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