Group Life Insurance

Maintain a Healthy and Happy Work Environment with Workforce Group Life Insurance

One of the greatest assets you have as a business owner is your staff. With productive employees, you are assured of high ROI. However, keeping your staff happy is easier said than done, especially in today’s competitive business environment.

With a Group Life Insurance policy, you can easily motivate your employees by assuring them that their dependants are catered for in the event that you pass away. If you are an entrepreneur and you have not yet invested in this invaluable coverage, it is time to get some insight to appreciate how crucial this policy is for your business.

Group Life Coverage Explained

In simplest terms, Group Life Insurance is a policy where a single contract will cover an entire group, in this case, your employees. As the employer, you are the policy owner, but the coverage extends to your staff and their families.

In the event an employee passes away, this policy protects them from financial loss. This form of coverage can be used as an employment benefit which ensures you get the best skilled manpower based on the allure of this coverage. What’s more, there are tax benefits to enjoy such as income-deductible premiums, meaning group coverage benefits all parties.

Group Life Insurance coverage starts when you hire an employee, and it is terminated when an employee retires or leaves your company. There are different types of coverage including term life insurance and permanent coverage.

The benefits to employees are multiple, including Accidental Death and Dismemberment (AD&D, ensuring beneficiaries maintain their standards of living, pay off debts and secure their children’s education, among other provisions.