Employees increasingly value group benefits over pay increases. An attractive benefits package includes health and retirement options. However, with group life programs, you can help employees care for their families should something happen to them.
As referenced on iSure, group life programs include three main options: universal life, term life and whole life. Benefit programs can offer one option or a combination to suit different employee needs. Each type of life insurance operates slightly differently. Universal life offers low premiums with an investment savings element that employees often pay taxes on. Term life only pays out when needed. Whole life policies typically have higher premiums, but the policies are permanent usually with guaranteed death benefits.
In addition to life insurance, employers can offer business travel accident riders to their policies. This is especially helpful for employees who travel a lot for the company such as salespeople and upper management. Accidental death and dismemberment policies are another riders that steps in when the insured suffers a serious injury or death due to an accident.
Group life programs help give employees peace of mind. Many of these offered policies are affordable options that can improve employee retention. Helping employees care for their loved ones is one more way to care for them.