Group life insurance is a single contract that covers a variety of people. Employers typically offer this to their employees as a benefit. If an employee leaves the company, his insurance coverage is lost. Because there are multiple people covered under one contract, and at different times, the policies often come at a discount compared to each employee having an individual policy. This can be an excellent (an often cost effective) way to show employees that you care. Strategic Financial Group helps their clients find the best quotes to fit their business needs. Give us a call today or by scheduling an appointment here
Having group life insurance shows that you care about your employees and their families. Knowing that your employee's families have some peace of mind if anything were to happen to your employee is worth its weight in gold. While there are a lot of pros with group insurance, we always want to pick out the cons as well. Below is a list of both pros and cons to help you make the best choice for your business, your employees, and their families.
Convenient: The process of on-boarding new employees can be very easy. An application goes with the hiring documents of a new employee, and Strategic Financial Group helps you with the rest.
Cost-Effective: Group policies are typically less expensive than paying for each employee's policy individually. The benefit amount is also decided by the employer which can help when it comes time to budget group life into your business budget.
Expedited: Typically there is no health screening process when it comes to group policies, so employees can gain coverage quickly and with a lot less hassle than your typical Life Insurance policy
Coverage Ends with Employee: When an employee decides to leave, his benefit is terminated. Unlike whole-life policies, the employee will not keep his death benefit, which can be extremely detrimental if they do not have any other policies in place.
Low Death Benefit Amounts: Typically, group death benefits are lower than individual policies, which means your employees might need to take another policy to make sure they have the right amount of life insurance coverage for their individual situation.
Simple Product: There is not a lot of customization when it comes to group life insurance. What you order is what they get, and that might not fit every employee just right. It is better than no coverage however. If your employees have questions on additional life insurance policies, you should direct them to a financial professional who can help them figure out what the right product and amount would be for their situation.
You can find some great resources by visiting the following websites:
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