Adding a life insurance enrollment option to your company’s employee benefits package can boost the interest of qualified applicants toward job openings, but it also provides a form of financial coverage that is normally unattainable to the average individual. When you choose to secure a group life insurance plan and offer it to your employees, the overall benefit is to the employee.
2 Key Benefits of Group Coverage
- Group coverage plans extend life insurance to employees who may not be able to afford an individual policy.
- Group coverage makes it easier for higher-risk individuals to secure life insurance coverage.
With a group plan, the costs of the enrollment premiums are lower. However, coverage is limited to current employment status. That is, the coverage will not follow employees that are fired or leave their job. Additionally, some employees may be healthier than others on the same plan, but yet the cost is the same regardless of the increased risk with another individual.
According to www.isurepro.com, group life insurance coverage protects near 108 million people across the United States, with a personal life insurance policy reaching another 102 million. As a company, the basic offering of life insurance is an attractive benefit of your employment package, and those seeking additional coverage can usually add to the plan fairly inexpensively if there are unmet needs through the standard plan.