I have been approached by the owner of a small arts foundry with 22 employees who is interested in offering a basic level of employee benefits. He already has a life cover plan for all employees, but would like to offer something else as well. However, he is not keen on paying for plans that will keep sick employees on his books for a long time after being taken ill. What suggestions should I make for him?
Henrietta Oxlade, Bond Wealth Management Group income protection (IP) should be a consideration. Employees attach huge value to this benefit as they take great comfort knowing that their income is not at the mercy of their health. Income protection is especially attractive to younger members of staff who are not married, and/or do not have any dependents, as many perceive it to be more relevant to their financial planning than life insurance. However, the downside of organising cover personally is that it can be very expensive. With traditional IP policies (PHI), the benefit is payable ...
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