Are you expecting the traditional list of reasons? Well, then here you go!
#1
The first and foremost reason why it is necessary is the real stories that happen every day in different companies, with different people, in different cities... What unites or distinguishes them? No, it's not just the territory, but rather whether the company's management has taken care of its employees or not.
Perhaps it sounds very banal today and the presence of a life insurance policy in the team is no longer such an advantage, and most managers have doubts about why they need to invest money in such a policy. Everything is great when nothing happens, but suddenly something...
In late January of this year, TAS Life made a payment of 1,600,524.80 hryvnias under a corporate insurance policy to the insured person. The policy was concluded in April 2019 in Kyiv, and the insured event occurred in October 2020 when an employee of the company was diagnosed with cancer. In November 2020, due to the severity of the condition, the person was classified as a disabled person in Group II. This policy involved two insurance risks, "Critical Illness" and "Disability for any reason."
From November 2020 to January 2021, the process of collecting and confirming information from medical institutions took place. On January 28, the company was provided with a complete package of documents, and the payment was made the next day.
This is one of many stories, and in this case, the team was fortunate to have a farsighted leader who knows how to hedge risks.
Therefore, the first reason is to look at real-life stories and protect your own team.
#2
Secondly, preserving the company's funds. If something happens to someone in the team, most managers will try to help their employees. And it's fine if it's a large company that can afford to allocate material assistance to cover medical expenses in the amount of 200 or 300 thousand hryvnias – it's quite normal.
However, for most small and medium-sized businesses, this amount is very significant. Taking funds out of circulation is not the best idea. Therefore, in such situations, it is necessary to consider solutions from an insurance company.
For example, by paying for an employee's insurance in the amount of 2,000-3,000 hryvnias per year, in the event of a diagnosis such as cancer, TAS Life will cover the full treatment and medication of such an employee. Cancer treatment is very expensive and time-consuming, so it is essential to consider insurance as an option to preserve the company's capital.
So, the second reason is to preserve the company's capital.
#3
Thirdly, additional dividends or cost savings on insurance. International dividend (participation in the insurer's profit). If the amount of payments during the contract year does not exceed a certain permissible limit set in the partnership agreement, the enterprise receives a return of a portion of the funds paid to the insurer. This can be in the range of 5% to 30%, depending on the terms of the agreement. This option is widespread among international companies and is made possible by the fact that TAS Life Insurance Company is the exclusive representative of the international insurance pool IGP.
Therefore, the third reason is cost savings on insurance.
#4
The fourth reason is to increase employee loyalty. Yes, in the beginning, we talked about how life insurance no longer surprises anyone. But a great addition to insurance programs is wellness programs. This trend is becoming more relevant with each passing year. More and more people are trying to lead a healthy lifestyle, and companies are incorporating additional elements of this into their corporate culture.
Thanks to corporate life insurance programs, a manager can get a 2-in-1 solution. In particular, in TAS Life programs, we offer a wide selection of workshops, preventive checkups, and recommendations that will contribute to additional employee motivation.
Therefore, the fourth reason is employee motivation.
#5
If you decide to enter into a voluntary pension insurance contract with your employees, the funds invested in this program can be classified as company expenses and exempted from taxes.
Therefore, the fifth reason is tax savings.
Do you have too much text and want to get the gist in 2 minutes?
We recommend watching our video.
Are you interested? ;)
Don't hesitate and order a consultation from our Corporate Business Department right away. We will find the best insurance option for your team! Call +380 (67) 214-05-22 or write to [email protected]
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