How can employers leverage life insurance to attract and reward top talent?

Providing life insurance as part of an employee benefits package offers numerous advantages. It helps attract top talent, increases employee retention, and provides financial security for employees' families. Employers can enjoy tax benefits and improved company culture. Life insurance contributes to employee well-being by reducing financial stress and enhancing mental health. Business continuity planning is supported through key person insurance, while SERPs offer additional benefits for top executives. Tailored plans meet diverse workforce needs, and the integration with other benefits creates a comprehensive strategy.

Offering life insurance as part of your employee benefits package isn't just a perk, it's a strategic investment in your company's success. Here's why: Boost Your Employer Brand: Demonstrating care for your employees' well-being and financial security enhances your reputation and makes you a more attractive employer. Increase Retention: Life insurance fosters a sense of belonging and appreciation, increasing loyalty and reducing turnover. Reduce Taxes: Premiums are deductible as a business expense, and payouts are generally tax-free for your employees, providing a win-win. By offering this valuable benefit, you show you value your employees, attract top talent, and build a stronger, more loyal workforce.

Supplemental Executive Retirement Plans (SERPs) are a powerful tool for retaining top executives. These life insurance plans provide additional retirement benefits beyond standard options, offering deferred compensation funded by life insurance policies. SERPs serve as golden handcuffs, ensuring key talent stays longer with the company. They also offer tax advantages, allowing deferred taxes on contributions until withdrawal. By providing these tailored benefits, companies enhance executive satisfaction, support long-term financial planning, and strengthen business stability and leadership continuity.

Group Life insurance is typically offered to All Employees as a Multiple of Salary (1 x’s 2 x’s 3 x’s the Salary w/o the need of physically Underwriting an Employee’s Health) This can be a substantial benefit to an EE as qualifying for Individual Life Ins. requires Blood & Urine draws depending on the age of the EE. If you’re in Great Health, LDL & HDL taken in the Blood Draw should offer you a Lower Rate than a Group Plan. However, if you Smoke, poor Dietary habits Group Life may be your only chance at qualifying. Group Life Insurance is Not a permanent solution to your needs as Employee’s are more transient nowadays & once you leave an Employer you might not be able to keep it. Whereas in the case of Individual Life it’s fully portable.

—Host workshops and provide online resources for comprehensive education. —Offer personalized information and encourage regular reviews of beneficiaries. —Solicit feedback and act on it to improve the offering. —Recognize and reward employee engagement. —Highlight the integration of life insurance with overall financial wellness and demonstrate the company's commitment to their well-being.

I recently helped a small business attract and retain top talent using life insurance. We integrated a robust life insurance plan into their benefits package, highlighting it in recruitment materials to stand out to potential hires. We introduced a tiered plan with higher coverage for top performers, rewarding exceptional performance. We added complementary services like financial planning and wellness programs to increase perceived value. Implementing a Supplemental Executive Retirement Plan (SERP) further incentivized key employees. By celebrating employee achievements and partnering with a reputable provider, the company saw improved hiring quality and retention, driving business success.