Enhance your benefits and overall employee wellness
Today’s employees deal with financial worries, time constraints and other distractions that keep them from being fully engaged on the job. Offering voluntary benefits, along with the traditional benefit package, helps your employees address these and many other critical life needs. Voluntary benefits are very affordable, offered at low group rates, and are paid for by the employee through pre-taxed payroll earnings. Even though an extra expense for employees, surveys continue to show this extra protection leads to improved morale and productivity within the workplace.
- Coverage that goes beyond traditional employer paid benefits.
- Lower’s taxes for both employer and employee.
- Increases financial wellness for employees.
- Promotes a culture of wellness.
- Increases productivity and your bottom line.
Employees are more productive when they feel secure that their loved ones will be taken care of, in the event of illness or an untimely death. Thus, you should consider life insurance a key part of the benefit package for your employees. And, also a valuable tool in attracting top talent.
With voluntary life insurance programs, the insurance carrier has responsibility for program implementation, communication, enrollment and administration.
Whether employer paid or voluntary, a good life insurance policy provides for an employee’s final expenses, taxes, and mortgage. Additionally, it may even pay for their children’s education.
Many insurance experts advise purchasing life insurance equal to five to eight times the individual’s income. Offering group life insurance to your employees allows even employees with medical conditions to buy some life insurance protection.
Types of Life Insurance
Permanent Life Insurance
This type of life insurance builds cash value which is sometimes used as collateral for loans, if needed. However, most employers only offer basic term life insurance (see below), but also offer permanent life insurance on a voluntary basis. Even so, employees appreciate the opportunity to widen their safety net.
Term Life Insurance
This type of life insurance does not build cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness.