Group Life Insurance For Your Employees

The top employees at any business can be difficult to maintain, and the best way to keep them happy and productive, not to mention working for your company, is to offer them unique benefits to go with their salary. You can sweeten the pot by purchasing group life insurance for your top earners, giving them an excellent way to supplement their individual life insurance plans, while making a comparatively cost efficient investment as opposed to medical and retirement plans.

If your business has less than 15 employees, you may not be eligible for a group life insurance plan, or you may instead qualify for a “menu” plan, or a la cart insurance. This system means that employees may be able to add additional benefits like group life insurance to their current group health insurance plan.

A 2009 survey by the U.S. Bureau of Labor and Statistics found that of the 62 percent of U.S. workers who have access to group life insurance through their workplace, all but 2 percent participate. It is one of the best benefits that you can offer your employees, and it can be done inexpensively while still offering great value to your employees.

Many businesses will offer different “classes” of group life insurance to different types of employees. In most cases, employees do not pay toward this benefit, so it will be up to you to figure out the best way for your business to pay the premiums. One typical way that employers will differentiate between classes of employees for the purposes of life insurance is based on their take home pay. Of course, your company’s plan depends on how big your company is, the average age of your employees, your ratio of male to female employees, and your industry. All of these factors play a role in selecting your group life insurance plan.

If you currently have a group health insurance plan in place, and you are considering reevaluating your insurance needs, speak to a trusted professional. Insurance brokers are professional agents who work with insurance and know the ins and outs of different policies and their coverage. Your insurance broker will do the legwork for you, shopping around for comparative pricing and making sure that you get the best deal possible.

If you want to join the growing number of businesses in America that offer group life insurance plans to their employees, or if you are considering reevaluating your group life insurance needs, call your insurance broker today.

By: R Quade

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