Atlanta Businesses: The Benefits of Offering Life Insurance to Your Employees
Most people don’t like paperwork and paying overpriced premiums, and yet that’s a standard experience for life insurance applicants. For this reason, the benefit becomes increasingly attractive to potential employees when a business offers life insurance.
When you offer life insurance, you let employees know that you value them and the people they care about most. Life insurance might be an optional benefit, but for many, it is a core offering in any company benefits package.
Offering life insurance is a convenient and economical way for you to support your employees as they provide for families and loved ones.
Some of the potential benefits of offering life insurance include:
- Increasing employee retention
- Attracting top-level talent
- Obtaining peace of mind (which will improve employee morale)
- Reducing expenses (through group rates)
Group Life Insurance for Your Business
Even small businesses can provide life insurance to their employees by purchasing a group life policy. A variety of factors influences group life insurance rates, including:
- Group size. Most insurers do not provide coverage for groups with less than 10 members, instead offering individual products as a solution for small groups.
- Claims history. The employee claims history is averaged out and factored into the rate.
- Occupation types. Certain occupations associated with the group can be determined a higher risk than others.
- Age and gender. The average employee age and gender influence your business demographic.
- Employee salaries. If a salary-based plan is selected, the rate is affected by average employee salary.
Every five years or so, a company’s life insurance rates are reevaluated. The reevaluation accounts for company demographic changes. For instance, if your average employees’ age were to go up, the insurance premiums for your business might go up, too.
Life Insurance Made Easier for Your Business
If you have any questions about legal compliance in regards to employee benefits, contact us at Shopbenefits.com with any questions you may have by filling out a contact form online or calling (404) 256-2171 and asking for Al Schiebel. We’re always happy to answer any questions you may have. It’s what we are here for!
Shopbenefits.com is committed to making insurance easier and more accessible for businesses of all shapes and sizes. With us, we won’t just give you the link, but we will be there to give a helping hand whenever you need it.