To give your employees the peace of mind that their loved ones and financial obligations will be taken care of when they're gone, supplemental life policies can be purchased in addition to the group basic life plan. However, according to research, only half of employers offer employees the option to purchase supplemental life policies.
If your company does not currently offer supplemental life policies, here are three convincing reasons why you should start:
1. Supplemental life insurance can be offered without an increase in cost to the employer.
Some employers shy away from offering supplemental life policies as they're concerned it will increase their benefits budget. However, because supplemental life is an opt-in policy and only selected by employees on an as-needed basis, offering supplemental insurance to employees is often at no additional cost to the employer.
2. Financial security is tied to employees' productivity and satisfaction.
Research indicates that when employees spend time worrying about their personal finances, they are less productive at work. Having ample life insurance plays a key role in financial stability and gives employees the peace of mind that their loved ones will be taken care of when they're gone. In addition, when employees feel that they are getting a comprehensive benefits package (including supplemental life), they'll feel more satisfied at work and will be more likely to stay with the employer for the long run.
3. Many insurance providers offer help in enrolling employees in supplemental life programs.
Agencies such as Summerlin-Roberts can help to raise awareness that supplemental life is part of your benefits package and get employees enrolled. A life insurance expert can lead an on-site enrollment session or host a webinar to walk employees through their options. Our involvement can help to lessen the workload for your human resources department and provide employees with opportunities to learn more about supplemental life policies.
In order to attract and retain top talent, you want to give your employees a comprehensive benefits package that promotes financial wellness. Making supplemental life part of your benefits package can differentiate you from the competition and give your employees peace of mind.
Please contact us at Summerlin-Roberts to learn more about offering supplemental life policies to your employees.