Group Life
Your investment in your employees, such as life insurance, can go a long way to your company's success.
What is Group Life Insurance?
Group life insurance is seen as an employee benefit whereby the costs for a life insurance policy can be reduced through group participation. Essentially, it is a multi-policy approach to term life insurance, but with a simpler, cheaper process that is often subsidize by the employer as an employee benefit.
What does Group Life Insurance cover?
What are the benefits of Group Life Insurance?
There are multiple knock-on effects that can be advantageous in having group life insurance for your employees. Group life insurance is cheaper and requires less underwriting in comparison with individual life insurance.Therefore, any employers purchasing life insurance for its employees can serve as an incentive, as it can reduce attrition rate and increase employee loyalty and retention rates. Consequently, these employees are likely to be high morale as their peace of mind can unlock a stress-free work environment, allowing employees to focus on the primary tasks at hand.
Who needs Group Life Insurance?
If any company wants the best for their employees and wants to take care of the employees to the maximum of their capabilities, having group life insurance is a good place to start. Any company that have high employee turnover may also find having employee benefits such as group life insurance useful.
How much does a Group Life Insurance policy cost?
In terms of value for money, group life insurance is the cheapest of all life insurance due to the sheer number of people receiving the benefit in one policy. The main consensus in determining the price of the policy is the number of people in the policy, claims history, the risks of the industry that the company is involve in and the amount of coverage per person.