Including Life Insurance As Part Of A Corporate Employment Package
Explore how life insurance in an employment package can support employee wellbeing, retention and a more stable workforce.
Sourcing and retaining top talent in any field is difficult. The remuneration must be more than competitive, the working conditions must be top tier, and the management structure must be clear and defined, and that’s just the basics. Corporations that want and need the best people have to do more by offering a complete package that could include a robust, future-proof life insurance policy. Group policies may offer pricing advantages, while the tax treatment of premiums depends on the policy structure and applicable rules.
Using a life insurance comparison tool will display several providers who can be contacted for quotes. Although it’s possible to get a rough idea of pricing and benefits online, to get an accurate quotation it is essential to speak to a company representative directly.
Why including Life Insurance as a Benefit is Desirable for Employees
Including life insurance as part of an employment package is an attractive proposition for potential employees for a raft of reasons, including:
- It shows a company has a genuine interest in their employees and their families
- It demonstrates that the company is committed to stability and that they value the employee
- It saves them money if it is the type of policy that they would purchase regardless of whether it was an employment benefit
Above all, including life insurance as part of an employment package shows sincerity and a real commitment to the employees' well-being and future within the organisation.
Benefits for Employers who offer Life Insurance
Offering life insurance as part of a package may improve worker morale. Its financial implications depend on the cost, policy structure and applicable tax rules. Employers may also see benefits in productivity and employees’ willingness to meet company objectives. There are also some hidden benefits such as:
- Company Image - The corporate world is a relatively small and tight-knit community, and people do talk. Companies that offer life insurance as part of an employment package are more likely to be discussed in positive terms, and hence increase their attractiveness to other potential employees.
- Employee Retention - Sourcing new employees, particularly for specialist roles, can be expensive and time-consuming. Including life insurance as part of an employment package can retain valued employees for the long term, and this can enhance stability across the whole organisation.
Including life insurance as part of an employment package isn’t a simple benefit or a perk; it can create an emotional bond that transcends a simple company-to-employee relationship.
Sustaining a Productive Workforce
Including a comprehensive life insurance policy as part of an employment package is arguably the most significant benefit a company can offer. This type of benefit is of far greater value than anything else, as it encompasses the employee’s family’s well-being, which surpasses any company car, gym membership or corporate discount scheme.
Whether looking to hire top talent for a high-level position or work for a company that demonstrably values its human assets, life insurance is a hard-to-top benefit for both the employer and the employee.
Related reading: How to Use Life Insurance as a Financial Asset?
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