Group Life Insurance
Group Life Insurance provides the families of your employees with financial benefits payable upon the death of an employee while they are employed with your company. The benefit amount is typically between $20,000 and $50,000 although options are available that can cover an amount equal to the employees annual salary. The biggest advantage for employees is that there is no medical exam necessary and the premium's are generally low for group plans. Most employers pay the entire premium amount. However, even if the employee has to pay a portion of the premium to join the plan, it is not expensive and they can pay their share with pre-tax dollars directly from their paycheck.
Since there is no medical exam required and the premiums are low, this is an excellent benefit that will allow you to set your small business's benefits package apart from your competitors allowing you to attract and keep top tier talent. It is also simple to implement compared to health insurance. That means for a small investment of your time and money you can help your business grow your staff effectively.
Although the policy is only in effect during the time that an employee is working for your company, many Group Life Plans allow employees to convert to an individual plan if they leave your company. They would pay a higher premium directly to the insurance company to do so, however, for people with pre-existing medical conditions this can be very attractive as they do not have to take a medical exam in order to convert the policy to an individual plan.
Group Life Insurance plans are inexpensive but most policies do have annual rate increases based on the employees age. For more information or to receive a quotation, please reach out to us.