Risk Life Insurance

Risk Life Insurance

TBT - Insurance Broker advises businesses and companies on corporate employee incentive programs based on endowment life insurance and non-state pension provision.

These programs help increase employees' interest in the successful development of the business, strengthen the company's reputation and support a positive corporate image.

Corporate life insurance and non-state pension programs can help optimise a company's social-benefit costs and provide additional motivation for employees.

Corporate life insurance is an effective HR and financial management tool that enables a company to:

• minimise the negative financial consequences of insured events;
• recognise and support employees' financial and social interests, improving business quality and profitability;
• encourage employees to remain with the company for the long term;
• give employees greater confidence in maintaining an income after retirement, subject to long and effective service;
• reduce the indirect costs associated with the departure of key employees and the possible loss of clients;
• use the tax benefits available under applicable Ukrainian law.

The main advantage of such a program is that it helps an employee build up capital and receive insurance protection during the accumulation period, while giving the company an additional long-term employee retention tool.

Benefits of corporate endowment life insurance and non-state pension programs

Why are corporate programs worth considering?

A salary increase, the traditional method of motivating personnel, often produces only a temporary effect.

A corporate insurance program helps employees build up capital and receive insurance protection during the accumulation period.

Benefits for employers

• lower staff turnover, especially among key specialists;
• a stronger positive image of the company and its management among employees;
• a competitive advantage when recruiting highly qualified specialists through additional employee benefits;
• control over invested funds during the term of the insurance contract, subject to the contract terms;
• potential reduction of the company's tax burden in accordance with applicable law;
• no direct increase in the payroll fund and related charges, where permitted by law.

Benefits for employees

• additional income under the program terms;
• social protection for employees and their families;
• recognition of the employee's value to the company;
• greater confidence in the future;
• investment income under the selected program terms.

TBT - Insurance Broker provides corporate clients with the following services:

• analysis of the need for an insurance program or pension plan and selection of suitable pension scheme options;
• development of an employee incentive program based on pension or life insurance agreements;
• implementation of an employee endowment life insurance program, including support with the required HR documentation;
• advice on the taxation of corporate endowment life insurance programs;
• detailed development of the insurance or pension program;
• organisation of a tender among insurers, comparison of terms and selection of a reliable insurance company or pension fund;
• preparation of documents for insurance or pension agreements;
• presentation of the program to employees;
• support for insurance agreements throughout their term;
• assistance with insured events, including death and survival benefits.

Endowment life insurance

By implementing an employee life insurance program, management can achieve several goals at the same time.

Cooperation with a life insurer provides an effective tool for employee motivation and HR policy while helping the company optimise its financial flows.

After employees are insured, one-off social payments connected with insured events may be covered by the insurer in accordance with the insurance agreement.

Another important advantage is flexibility. Depending on the terms of the agreement, the employer may retain control over accumulated funds and investment income if an employee does not fulfil agreed obligations or leaves the company.

By choosing TBT - Insurance Broker to implement an employee incentive and life insurance program, the company can outsource the entire process. The broker's services are included in the price of the insurance product.