By Rafael Onak, InsuranceAgents.com Staff Writer
As an employer, it is essential to reward your employees with group life insurance for their contribution to your business success. Many insurance companies have various policies that can benefit you and your company. By gathering a multitude of group life insurance quotes, you can decide on the most affordable and convenient policy that satisfies your employees’ wants and needs while still maintaining a positive work environment.
What exactly is Group Life Insurance?
A type of life insurance, group life insurance is a policy that covers a large group of people under one contract. In most cases, the policy owner is an employer and the policy insures the employees of the organization. While it may not always be the case, group life insurance is often provided as part of a benefit package and is much cheaper than an individual policy.
Only the policy owner possesses the actual insurance policy, known as the master contract. The employees who are covered will typically receive a certificate that acts as proof of insurance, but they will never acquire a master contract. As with other life insurance policies, group life insurance allows you to choose a beneficiary should an unfortunate circumstance occur.
Any Perks of Group Life Insurance?
Group life insurance provides several benefits to both the employer and employee, making the decision to invest in a policy a no-brainer:
- Employer Advantages:
- Federal income-tax deductible premiums
- Desirable benefit to offer newly-hired employees
- Strengthens employee loyalty and self-confidence
- Reduced employee turnover, saving you money in hiring and training
- Employee Advantages:
- Premium life insurance at an affordable rate
- Ability to name beneficiary
- Strengthens security and morale
Start Rewarding with Group Life Insurance
As a successful employer, why not reward your employees for all of their hard work and determination? With group life insurance, you not only strengthen your employees’ loyalty and self-confidence, but also allow yourself to save some money in the long run. Contact a local group life insurance agent today and take the first step in finding an affordable policy for you and your employees.
