Complete Your Benefits Package with Term Life Insurance
If you’ve been thinking about ways to expand employee wellness at your organization, don’t overlook a key benefit that is popular with employees and relatively easy to administer: life insurance. Providing your employees with safety nets like this one can help boost peace of mind, reduce stress, and improve focus on the job.
Inexpensive and Easy
Group life insurance premiums are considerably lower than premiums for individual life insurance policies, mainly because group life insurance is less risky for the insurance company. Insurance companies base group life premiums on the overall risk of the company or group, and for most companies, that risk factor is low. Also, since group life insurance is typically bundled with health insurance, sales and administrative costs are minimal.
Improve Retention, Recruiting, and Morale
A good life insurance policy can mean a lot to an employee if they have a family or children. Life insurance is one of the key benefits that employees look for when they job search for, and offering even a basic policy can help set you apart as an employer of choice for desirable candidates.
Boost Security and Peace of Mind
Financial security is associated with higher productivity on the job. The Consumer Financial Protection Bureau has found that when employees have to spend time and energy worrying about providing for their families, they’re less productive. A good life insurance program is a key factor in overall financial health and provides employees with the peace of mind that lets them focus their energy on their daily tasks.
Employees who are covered by a reputable life insurance policy know that, in the event of unforeseen circumstances, money will be paid directly to their beneficiaries. Their loved ones can use the funds for reasons such as:
Replacing lost income
Covering basic living expenses
Paying household debts, estate taxes, and funeral expenses
Funding a child’s education
Supplementing retirement savings