
30 Jan Worksite Life Insurance
Many U.S. households lack sufficient life insurance, leaving employees financially vulnerable. One way to help bridge this gap is by offering voluntary worksite life insurance, providing valuable protection at no direct cost to your business. This benefit allows employees to secure financial protection for their families, ensuring peace of mind in the event of an unexpected loss.
What is a Worksite Life Program?
This program supplies voluntary benefits to bring the advantage of professional insurance solutions to your employees with no cost to you. Employees can choose to participate or to not participate at their will.
There are no costs to the business, as employees will purchase coverage for themselves, spouses, children, or grandchildren through the policy by a payroll deduction. This is an added perk that employers can offer to their employees to help keep their family protected in the event of an unfortunate event.
Key Insights on Life Insurance from LIMRA
- 52% of people have life insurance, but 21% feel underinsured.
- Half of households earning under $50K say they need life insurance.
- Life insurance ownership boosts financial confidence: 69% of policyholders feel secure vs. 49% of non-policyholders.
Why Offer Worksite Life Insurance?
- No Direct Cost to You: Employees pay for coverage through payroll deduction.
- Enhances Employee Benefits: Supports the financial well-being of your team.
- Portable Policies: Employees can take their coverage with them if they leave.
- Easy Administration: Simple list billing and no employer contributions required.
How It Works
- Employee-Owned Policies: Coverage continues even if the employee leaves the company.
- Simple Payroll Deductions: No extra administrative burden for your team.
- Coverage for Family: Available for spouses, children, and even grandchildren.
- Flexible Plan Options: Whole Life, Term Life, and Return of Premium plans.
- Guaranteed Issue Availability: No medical exams are required for eligible employees in qualifying groups.
- Rider Options for Additional Protection: Employees can enhance coverage with riders such as:
- Accidental Death
- Disability Waiver
- Children’s Term Life
Voluntary worksite life insurance is a cost-free way to enhance your employee benefits package while helping your workforce secure financial protection. With flexible plan options, seamless payroll deductions, and easy administration, this benefit provides security without adding extra work for your business.
We are here for you for all your insurance needs.
To discuss your options, contact one of our talented Risk Advisors today!
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