Protecting your key staff members
Our client wanted to increase retention levels with some of its key staff so decided to offer individual relevant life plans to those it wanted to retain.
Client: Protecting your key staff members
Location: Hove
Service: Relevant Life Plan
Description
A limited company client of ours had several employees who they wanted to provide life insurance for but did not wish to cover all staff. The company wanted to offer a competitive benefits package to attract and retain talented employees, while also providing valuable death-in-service benefits to these individuals.
Key Challenges
The company faced several challenges, including the high cost of individual life cover for older employees, the potential difficulty in obtaining cover due to pre-existing medical conditions, and the need to structure the benefits in a tax-efficient way to ensure that they were both affordable and attractive.
Outcome
The company decided to implement a relevant life plan, which provides individual life cover for each eligible employee. The plan was structured in a tax-efficient manner, with the premiums being paid by the company in a tax deductible way. This enabled the company to provide valuable benefits to its employees, while also benefiting from tax savings. The key individuals were able to obtain valuable death-in-service benefits that they may not have been able to secure otherwise, which helped to increase their loyalty to the company.