Employee Retention

The Situation
You are a successful small business owner. Your business is important to you as well as the employees. The business is growing and you have group benefits in place for employees. Keeping key employees satisfied and having a low turn over rate is important and you want to offer your employees a unique insurance solution over and above group benefits.

The Strategy
Have three or more key employees in your purchase a Critical Illness Policy. Since they share a common employer, they are eligible to receive a 10 per cent permanent discount on their coverage. There are no administration fees or set up costs and should they have a claim, it will be paid in a tax free lump sum payment that they can use whichever way they choose. Key employees can feel secure knowing that if they suffer a covered condition, they are protected.

If there are employees who do not suffer a covered condition, you have the option to request a refund for some or all of paid premiums if the plan includes the purchase of any one of the available Premium Payback Riders.

This Employee Retention Strategy provides:
· Tax free lump sum payment upon the diagnoses of anyone of the covered conditions
· Usually 20 or more covered conditions
· Employee retention
· A policy benefit with a 10% permanent discount
· Portable coverage
· Premium Payback Options

This material is for information purposes only and should not be construed as legal or tax advice. Every effort has been made to ensure its accuracy, but errors and omissions are possible. Individual circumstances may vary and specific legal and tax advice is recommended.

This strategy is based on current tax legislation. Future tax changes and market conditions may affect this program.

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