3 reasons your company should offer group life benefits
There’s never been a better time to prepare for open enrollment than in the present. From evaluating your organization’s current benefits to researching new lines of coverage, you may discover new opportunities to grow employee benefits.
There’s never been a better time to prepare for open enrollment than in the present. From evaluating your organization’s current benefits to researching new lines of coverage, you may discover new opportunities to grow employee benefits.
In addition to dental and vision benefits, group life coverage is a popular ancillary option for many companies. It offers valuable protection for your team, providing a financial support system for families of employees who experience a debilitating accident or pass away. Here are some of the ways group life benefits can help you and your employees.
It helps you attract and retain talent
Your company wants to hire talented people and, hopefully, keep them. Employee benefits — such as group life — help you do so. A strong benefits package shows prospective and current employees that you care about their life beyond the office. A Gallup survey revealed salary and employee benefits as most important when deciding whether to accept a new job offer.1 Additionally, life benefits are gaining traction among workers who are willing to purchase it from their employer if it was available.2 The bottom line: Group life benefits can show you put employees first, helping you build a foundation of trust that gets people excited about joining your organization and sticking around for the long run.
It provides security for employees and their families
Group life benefits are especially important for employees looking to protect who they care about most: their families. These plans give employees valuable peace of mind that their loved ones have financial protection in a worst-case scenario. If an employee passes away, designated family members — called beneficiaries — receive funds to help them replace lost income, afford living expenses, pay for their children’s education, and more. Accidental death and dismemberment coverage, a supplement to group life policies, can also help employees pay for costs incurred from dismemberment (e.g., loss of a limb or bodily function such as eyesight).
It gives you a low-cost employee benefit to offer
Cost is understandably a critical deciding factor for HR professionals who are weighing employee benefit options. Fortunately, group life coverage can be a budget-friendly benefit. You can get lower premiums by offering group benefits instead of individual coverage and these savings can be passed on to your employees.3
References
1 https://www.gallup.com/workplace/389807/top-things-employees-next-job.aspx
3 https://www.nerdwallet.com/uk/life-insurance/reasons-life-insurance-wont-pay-out/
≃ For informational purposes only and not intended to be relied on as complete information, or to be construed as tax, legal, investment or medical advice. This is not a sale of or an offer to purchase a benefits plan from Beam. For more information on benefits plans, contact intro@beambenefits.com