Life insurance is among the most popular employer benefits because it can help you stand out from competitors and retain valued employees. Employers typically offer group life insurance to covered workers. This type of life insurance covers your employees via a contract with an insurance company.
If you’re looking for the right life insurance to offer as part of your benefits package, it can be a challenging task. Fortunately, our life insurance agent in Jackson, MS, at Executive Planning Group, has you covered. From executive life insurance policies to coverage for the entire staff, there are many options to choose from.
Here are a few questions to discuss in detail with your life insurance agent.
What Is Employer Sponsored Life Insurance?
Here are three different types.
- Term life: The amount of coverage remains constant for a number of years listed in the policy. The premiums typically remain the same throughout the coverage period.
- Whole life: This is a permanent policy that doesn’t expire as long as the premiums remain up to date.
- Universal life: Universal life insurance has flexible premium payments, and you can typically adjust it for lower or higher death benefits. In addition, these policies have an accumulated cash value with interest that grows over time.
Why Should Employers Sponsor Employee Life Insurance?
You can provide affordable death benefits to your employees with a group life insurance policy. Individual policies are much more expensive. You can automatically deduct the employees’ share of the premium from the payroll. Additionally, offering life insurance can help you attract and retain top talent.
What Is the Most Common Employee Life Insurance?
We recommend discussing all types of insurance available with your life insurance agent. However, term life is one of the most common group life insurance. Term life allows employers to protect employees while they remain with the company. However, it doesn’t cover spouses and children.
What other Types of Life Insurance Can You Offer?
To further protect your organization’s leaders and other employees, you can also offer the following types of life insurance:
- Accidental death and dismemberment (AD&D): This coverage pays a benefit to employees who lose a limb (arm or leg) or die due to a covered event or circumstance.
- Business travel accident insurance: If you have several employees who travel frequently, it might be worth discussing this coverage with your life insurance agent in Jackson, MS.
How Much Life Insurance Should You Offer?
To get started, most employers will consider offering minimal coverage, such as the employee’s annual salary. You can allow employees to buy more coverage for additional premiums. Your life insurance agent can answer all your questions regarding how this works under different policies.
Where Can You Find an Experienced Life Insurance Agent in Jackson, MS?
Working with a variety of industries and organizations, we offer both group and individual life insurance policies. Set up a meeting to discuss your individual and business life insurance needs.
Call us at 601-982-3000 or fill out our contact form to schedule a free consultation with no obligation to you or your business in Jackson, MS, and the surrounding areas.
Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.