Employer-provided insurance is a valuable part of an employee's compensation package. Such plans are taken out by the employer to provide additional benefits to employees and help retain experienced staff. The plans provide workers with long and short-term security against death, illness, accidents, and a sense of financial security in retirement. Employees benefit from tax-free payouts from the plans. Under Scheme B, the employer is the policy owner and employee is the insured. The employer can assign benefits to another employee upon the original employee's retirement or resignation.