Group Life Insurance is the least expensive benefit that you can offer to your employees, but still a very important benefit. Unlike personal life insurance, Group policies will cover all eligible employees without health questions. Employers can provide a flat benefit, such as $50,000, or a multiple of salary like 1 x Salary to reward key employees with a higher level of benefit. Coverage can be added for spouses and children, too. And beyond what the employer pays for, we can add a layer of Voluntary (employee-paid) Life insurance which allows employees to add even more coverage with little to no health questions.
Group Long Term Disability
Your income is the most important financial asset that you have, which is why Group Long Term Disability Insurance (LTD) is the 2nd most important employee benefit. Disability insurance replaces up to 67% of an employees’ income if they become disabled and cannot work. Covered disabilities can arise from either on- or off-the-job accidents or illnesses. Benefits can be payable all the way to retirement age, too, unlike CA State Disability which ends after one year. Like Group Life Insurance, Group LTD is very inexpensive. Many employers are surprised to see just how inexpensive Life and Disability policies can be, yet they provide a powerful benefit when an employee dies or becomes disabled.