A large part of strengthening and growing your business relates to the employee benefits that you offer.
Providing employee benefits gives both owners and employees the financial security needed to feel confident in the workplace. Consider offering these key types of insurance to help attract and retain top talent:
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- Group health, dental, vision and life insurance: Can provide you and your employees with financial security and support for financial wellness, while enabling them to contribute to the success of your business.
- Group Disability Income Insurance: Can establish a foundation for short-term and long-term income protection for owners and employees at their current company. Employees may also have the option to convert a portion of their coverage to a personally owned policy if they leave the business.
- Qualified retirement plans: Defined benefit pension, cash balance, SEP IRA, SIMPLE IRA, 401(k), and profit-sharing plans are among the options that can support the long-term financial well-being of your employees, yourself, and your business as a whole. Many states, including Illinois, require employers with more than five full-time employees to offer a retirement plan
- Group Long-Term Care Insurance: Help protect the financial future of you and your employees by offering a long-term care plan, which, for example, can support the need for extended care at home, in the community, or in an assisted living or nursing home facility.
- Executive Benefits: Help attract, retain, and reward top talent by carving out additional options for all the above strategies for key employees and executives. These offerings can enhance their compensation packages, which include “carve out” life insurance, disability insurance, long-term care insurance, and health insurance. For executives looking for additional areas to save for retirement, there are deferred compensation and executive bonus plans available. We will take a deeper dive into this topic in our next article!
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including Northwestern Mutual Investment Services, LLC (NMIS) (Investment Brokerage Services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC, and Northwestern Mutual Wealth Management Company® (NMWMC) (Investment Advisory Services), a federal savings bank. NM and its subsidiaries are in Milwaukee, WI.
Members of CAVU Wealth Partners use CAVU Wealth Partners as a marketing name for doing business as representatives of Northwestern Mutual. To view detailed disclosures regarding individual representatives, view their information at cavu.nm.com.
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