For employers, offering employees a wide array of supplemental and voluntary benefits is crucial. In fact, supplemental life insurance is often the most important and desired supplemental benefit among employees. As a result, learning about the importance of having supplemental life insurance as an offering for your employees becomes essential. Here is what you need to know to attract and keep the best talent at your company.
Supplemental Life Insurance: What Is It?
Often, many people wonder what exactly supplemental life insurance is really all about. When an employer offers supplemental life insurance, that means that you can purchase a life insurance policy that is then deducted straight from your paycheck. And some plans even allow you to buy a separate life insurance policy for your spouse or children.
Benefits Of Supplemental Life Insurance
When your employer offers supplemental life insurance as an option, there is a myriad of benefits associated with this. The most obvious benefits are the supplemental life insurance rates. Employers will typically get a group rate (similar to health insurance) which can often be lower than an individual rate. As a result, the employer can sometimes subsidize part of the premium resulting in a much cheaper plan for the individual.
Another clear benefit is insurability. It’s usually a lot easier to get insured through a group plan than through an individual plan. In fact, With many group life insurance policies, you need to answer some medical questions before actually qualifying. However, there is no need to have a medical exam taken.
Providing supplemental life insurance policies to all employees is bound to be a game-changer in the ever-evolving workplace. More and more employees are looking to get the best insurance coverages through their employer because they understand the financial benefits and incentives associated with such an endeavor. As a result, if you want to have the best people working for you, you’ll have to jump on board and invest in supplemental life insurance policies as soon as possible.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!