Why group life insurance gives you a competitive edge
When it comes to creating an attractive employee benefits package, financial security is just as important as speedy healthcare. While most businesses understand the value of private health insurance, one benefit is often overlooked - group life insurance.
If your goal is to provide your employees with a well-rounded benefits package that attracts and retains top talent, group life insurance should be at the top of your list. Here’s why this often under-appreciated benefit is a must-have for any business that values its people.
What is group life cover?
Group life insurance is a company-provided policy that pays out a lump sum to an employee’s family, if the employee passes away. It offers financial protection and peace of mind, ensuring that their loved ones are taken care of if the unexpected happens.
Why is group life insurance is important?
1. Long-term financial security for your employees
Offering group life insurance shows your employees that you’re not just invested in their career success but also in their long-term wellbeing - last year group life policies helped over 47% of employees overcome mental illness. Unlike a standard life insurance policy, group life insurance can often cover staff who may not have a full bill of health. This policy provides staff with the comfort of knowing that their families will be financially supported if the worst happens.
2. Attract and retain top talent
In today’s competitive job market, offering an attractive benefits package can make all the difference when it comes to hiring and retaining top talent. Group life insurance is a highly valued benefit that offers employees financial peace of mind. When potential employees are weighing up job options, a strong benefits package that includes group life insurance can be a deciding factor in choosing your company over another.
3. Cost-effective cover for your businesses
Group life insurance is an affordable way to offer meaningful financial protection for your employees without breaking the bank. By covering a large group of employees under a single policy, businesses benefit from lower premiums compared to individual life insurance policies. This allows you to offer one of the top perks at a manageable cost, making it a win-win for both your business and your employees.
4. Boost employee morale and focus
Employees who feel financially secure are often more focused and motivated in their work. Knowing that their loved ones are financially protected brings peace of mind, ultimately giving them one less thing to worry about. This sense of security often translates to increased productivity amongst your team and higher morale, both of which are vital to the success of your business.
Why group life insurance is a must for your employee benefits package
While some employee benefits are nice-to-haves, group life insurance is a must-have. It offers your employees and their families protection, boosts loyalty, and helps you build a more motivated team. In addition to being a smart move for your business, it’s also a powerful way to show your employees that their wellbeing, both now and in the future, matters to you.
