Group life insurance is an excellent addition to an employee benefits package. Businesses that do not yet have a group life insurance policy in their package should consider including one.
Providing an Important Benefit
Group life coverages are a highly appealing benefit to be able to offer to prospective and current employees. They give people peace of mind that their loved ones will have financial security in the event of their passing.
Some employers pay one hundred percent of a group life insurance plan because they are relatively affordable compared with other benefits. Employers can also make a group life insurance plan an elective offering that employees will pay a portion of, which is referred to as a contributory plan.
A group life insurance policy can provide each employee with a fixed amount such as the equivalent of one year’s salary. Alternatively, the benefit can be an amount that increases over time. In the latter scenario, the cost will also increase over time.
An affordable group life insurance plan is a manageable benefit that employees value greatly. It fosters positive employee sentiment and good company culture. It is advisable for employers to get competitive quotes for a plan from an agency that is experienced in procuring benefits.