Designing an employee benefits package involves a lot of creativity and requires many decisions to determine the best mix of health coverage options, retirement offerings, vacation time, and supplemental perks to offer your workers. The choices can get overwhelming, especially if you’re on a strict budget. Here’s why OH group life insurance should be at the top of every employer’s list of benefit offerings.
A Cost-Effective Benefit
According to LIMRA, 70% of American companies offer group life insurance benefits to their employees, and for a good reason: it’s an inexpensive offering. Group life insurance rates are low because covering many people instead of just one or two minimizes the risk the insurer assumes. Companies can also see tax benefits by offering this employee perk.
Because OH group life insurance covers the masses instead of a small, hand-picked group, employers that offer it meet the federal government’s special nondiscrimination requirements. These encourage companies to offer this type of benefit to all of their workers instead of just a select few top wage earners.
A Lifeline for Workers and Their Families
Most Americans say finances are their primary cause for stress. Too many people are struggling to make ends meet, save for retirement, and pay down credit card and student loan debt. Should they suddenly pass away, employees want to know their families have a safety net to fund items, including their children’s education, funeral expenses, mortgages, and other basic living expenses. However, many people can’t afford the expensive premiums that come with purchasing individual life insurance.
Employer-sponsored group life insurance rates are minimal, making them far more attractive to employees looking to get the maximum benefit for them and their families without sacrificing financial solvency. The peace of mind this benefit offers, coupled with the time employees save from not having to shop around for life insurance, explains why a staggering 98% of employees take advantage of OH group life insurance offered by their company.
A Customizable Perk
There is no standard one-size-fits-all group life insurance policy. They are as unique and varied as any other benefit and can fit any company culture. If you’re thinking of offering group life insurance benefits, design the best plan for your company by asking the right questions, such as:
- Do you plan to pay part or all of each employee’s premium?
- Can employees increase their coverage level?
- Will workers be able to buy additional coverage?
- How can you secure the best group life insurance rates for your workers?
- Will you automatically enroll employees in this benefit, or is it something they have to opt-in to?
- If employees leave your company, does this benefit end with their departure, or will you help them transfer this benefit to their new company?
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.