Group Life Insurance Is a Key Benefit for Employees

Group life insurance is a core benefit offered by many businesses, and your company can find a cost-effective program that will add to your team’s satisfaction.

Businesses typically offer group term life insurance, a one-contract model that covers multiple employees. The term is usually the period of employment. An employer pays the cost of basic coverage, often established by salary. Employees may opt to pay for additional coverage for themselves, and policies may be available to cover a spouse and children.

Benefits of Insurance

Employees with life insurance can gain some peace of mind knowing money will be available for their loved ones in case of death.

Coverage can be a financial safety net, especially for younger employees in the early phases of working and family life. Even minimal coverage can help meet funeral costs, living and other expenses in death’s uncertain aftermath.

Coverage Requirements

To gain group life insurance, employees may have to meet eligibility requirements, such as passing a probationary period and being a full-time or permanent staffer. The business and insurance company may set an open enrollment period for employees to sign up for coverage. Consult a licensed insurance agent about providers and options.

No matter the size of your business, offering group life insurance to your employees can be financially accessible. With resources planned through insurance, an employee will have one less worry and be better able to focus on work.