Life Insurance Advantages
Not only will your company benefit in having a better chance to retain employees with life insurance policies, but there are other pluses on both sides of the table when you buy policies from a life insurance company.
Advantages for the Employer:
- Federal income-tax deductible premiums.
- Desirable fringe benefit to pitch to new employees.
- Decreased turnover, saving the company money in hiring and training expenses.
- Contributes to employee security, loyalty, and better morale.
- Valuable life insurance protection offer at a minimal group rate.
- Valuable life insurance protection offered at a low group rates.
- Right to select and transfer beneficiaries at any time.
- Waiver of Premium Disability Benefit rider is available at no additional expense.
- The employer usually pays a portion or all of the cost.
- You are not required to write checks to pay the premiums. If you contribute to the cost, it is generally deducted from your pay.
- Undertake an analysis of present participation and coverage levels to decide the extent to which employees are underinsured;
- Offer a comprehensive program that features both term and permanent coverage options.
- Be sure you understand the key demographic differences among the workforce, and then address them as part of any and all educational and communication outreach programs.
- Remind employees that some life events could lead to the need to re-evaluate coverage levels.
- Offer access to decision-support tools and educational materials (including online income-assessment calculators and tutorials).