Great news in the insurance industry. There is a win win product for the employer and the employee. That product is income insurance. Income Insurance provides employees with a safety net if they or there spouse get sick or injured. It covers the bills for people that have not put away for a rainy day.
Now here is the greatest part it doesn't cost the employer a dime to implement and they do not co-fund the product. In Fact the employer gets a Tax deduction for any employee that contributes to the plan. The products are extremely affordable around $7 every two weeks.
What do these policies cover? They cover not only the employee but the employee's spouse income. If one spouse gets sick the other spouse is not stuck with the undue stress and burden to cover the costs of the medical bills and the daily bills.
The employee is provided a safety net.
Employers in the US have been slow to implement these plans because of lack of understanding of how the policies can benefit their employees and the business. It has been shown that employers that do implement the programs have higher retention rates of their employees. Employees feel that the employer is looking out for there best interest and is providing the essentials for them to keep them financially viable.
Japan has been much more aggressive in implementing these insurance programs. The comparative rates of implementation of these programs are 3%-5% of US businesses compared to 25%-30% of Japanese Businesses.
If a company is aggressively looking for ways to compete and retain valuable employees, making these types of programs available is an essential step.
For more information on implementing Income Insurance Policies call 1-800-432-0738. Don Griffith is a business consultant, Speaker and published author of Hiring and Keeping The Right Employee.