Here's what the numbers say
*According to Forbes and United Insurance
Check out this case study
"I need to do something special to make sure my key staff stays with me."
Michael owns a medical device company. He's spent ten years building the business, and growth was steady until he hired Jennifer, a 40-year old sales representative. Jennifer's passion and expertise has tripled sales, and she now trains other salespeople within the company. Michael has given Jennifer annual raises and she participates in the company's retirement plan, but Michael feels he owes the success of the company to Jennifer's work ethic. He fears that another company may try to lure Jennifer away and has no idea how to provide any new or alternative value to her compensation package.
Michael's agent suggests a Simple Bonus Plan as a way to use tax-deductible funds to reward Jennifer. In this case, the bonus plan provides a retirement supplement and massive death benefit to Jennifer and her family. Michael loves the idea, and approves a plan with his attorney. Jennifer applies for the policy and Michael pays the bonus as premium for the policy. He also enters into an agreement with Jennifer that protects his investment in her and incentivizes loyalty by delaying her access to cash value and requiring her to pay back any bonuses if she leaves the company within a certain period.
It's a simple process
Step 1: Free Consultation
We will walk you through the specifics of the Simple Bonus Plan and help you with initial design.
Step 2: Inform Plan Participants
Let the selected workers know that you will be offering the bonus and get them in contact with the agent.
Step 3: Workers Submit Applications
Agent meets with worker to go over plan details and begin the implementation process.
Step 4: Underwriting and Agreements
Medical and/or financial qualification for plan is determined while custom bonus design is finalized.
Reward your staff in a way they'll never forget
In today's world, it's more important than ever to give your current and future staff a reason to stay loyal to your company. Therefore, finding a simple-to-administer method of rewarding select people is important.
With that being said, we know that most employer programs are expensive to run and challenging to maintain. Simple Bonus Plans are the perfect solution.