Group Term Life Insurance
For Employee Security and Loyalty
Group Term Life Insurance is a type of life insurance policy is offered as part of an employee benefits package. It provides an easy and affordable way to offer financial protection to the beneficiaries of covered individuals.
Why Offer Term Life Insurance?
Life insurance is a benefit employees look for
- Offering life insurance as part of an employee benefits package makes a company more competitive in the job market.
- Employees may view it as a sign that the company values their well-being.
Contribute to a positive workplace culture
- When employees feel that their employer cares about their financial security and their families, they are more likely to be engaged and committed.
- A strong benefits package can contribute to a positive workplace culture.
Cost-Effective for Employers
- Group life insurance is relatively inexpensive compared to individual policies, allowing companies to provide meaningful coverage at a low cost.
- Depending on the state, premiums for up to a certain amount in coverage per employee are tax-deductible for the employer.
What is Term Life Insurance?
Group term life insurance is life insurance that is purchased for the time that an employee works for a company. It is meant to insure the employees salary so in the case of death, the employees loved ones will be financially provided for.
Some insurance policies end with the end of employment. Some are able to be converted to individual plans (at a higher cost) when the employee departs the company. Please call the Gerlitz Group with questions about what plan is right for your company.