Set yourself apart from the competition with comprehensive workplace benefits that include voluntary life insurance options for employees.
When it comes to landing and retaining quality workers, employers should pull out all of the stops. It’s not enough these days to offer a good salary – the inclusion of quality, comprehensive benefit packages are important when it comes to making your position more attractive to candidates and increasing employee satisfaction after hiring. If you are an employer, providing benefits that can be paid via payroll deduction are an easy way to get an edge on the competition when searching for new hires.
Voluntary life insurance is a major benefit you can offer to all employees in the workplace at a reasonable cost.
So, what is voluntary life insurance? With the help of The Cincinnati Insurance Companies, here is a quick rundown and a few things to keep in mind if you’re considering adding life insurance to your benefits package.
How much coverage is needed? What about protection for family members?
According to LIMRA, a leading insurance and financial services trade organization, millions of Americans have no life insurance coverage other than the employee group term life insurance offered by their employers. Group life insurance plans usually include a cost to the employer, offer limited coverage options for the employees, and are not portable if an employee leaves the company. And, since these plans cover employees only, an even greater number of people have no coverage for their spouses or dependent children.
A LIMRA study found that almost eight in 10 American households have no personal life insurance agent. The only opportunity they may have to work with an insurance professional is through the employee benefit programs offered by their employers. For many, this is a voluntary life insurance policy.
What is voluntary life insurance?
Voluntary life insurance plans offer individually owned life insurance to employees, their spouses, and dependent children without direct cost to the employer. These plans give employees the flexibility to build an insurance program according to their needs and budgets.
Individual life insurance as a voluntary benefit
Some of the features you may want to look for are:
- Guaranteed issue
- Eligibility without a medical exam or blood profile
- Availability to add the employee’s spouse, children and grandchildren
- Premiums paid through the convenience of payroll deduction
- Customizable policies to meet individual family needs
- Portability – the option to continue coverage with no change in death benefit or cost if an employee leaves or retires
- Voluntary – no sales pressure approach
Employees want a variety of benefits to choose from, which leaves you to decide what options to offer. Consider that retaining current employees is more cost-effective for a business than hiring new ones. Offering your employees the added financial protection they may need in the event that something unexpected happens could be a deciding factor in their retention.
We invite you to reach out to the insurance experts at The Feltner Group to learn more about available voluntary life insurance opportunities and find the options best for your business.