Life insurance protects families against the premature death of a wage earner, paying a specified cash benefit to that employee’s beneficiaries. As a business owner, you may find that some of your employees have inadequate or no private life insurance coverage. Your willingness to implement or redesign a group life insurance plan for your employees may be welcomed, since group coverage is often more affordable and provides employees with improved financial security. At the same time, group life insurance may offer additional benefits to your company in helping attract prospective candidates, while retaining valued employees.

Group life insurance plans frequently provide coverage based on a multiple of an employee's salary or wages. For example, in a matching salary arrangement, an employee who earns $30,000 would have a death benefit of $30,000. One important feature with this option is that the amount of life insurance increases with the employee's salary. As a result, if an employee suffers an untimely death, his or her family would receive compensation equal to a year (or two) of gross income - certainly a welcome benefit for a family in grief.

An employer sponsored program can also include a supplemental program that allows employees to purchase additional life insurance based on their individual needs.

Because life insurance is one of the essential elements protecting your employee’s and their family’s financial future, Benefit Design will help you design an appropriate and cost-effective life insurance program.

For a no-obligation quote, use our online Quote Forms under Resources or call 480.998.0096.