Group Life insurance are often offered through larger health care packages without taking into consideration cost vs. benefits. Often the most competitive rates are obtained by aggressively shopping the market and a lot of negotiation by the employer.
To make sure that you spend your money wisely. We have extremely good relationships with the leading group benefits providers both locally and abroad. This enables us to negotiate better rates for your group life insurance programs by creating efficient designs, integration and administration of the group life insurance coverage for your employees.
Life Insurance benefits for employees
Many employees don’t realize the value of a life insurance coverage even though it is one of the most important coverage you need to have in place. Explaining and teaching your employees the importance of this coverage may increase loyalty to the company as they will appreciate you caring and the benefits that come with it.
Many employees don’t realize the importance of life insurance until you ask them or put them on a situation of their family needing it. You should ask your employees to think how their families will keep their current standard of living if they are not around. If they are the main income earner in the house, how will this affect their families, how will they pay the mortgage, medical bills, how the family could support themselves in the event of their death.
Emphasizing and explaining to your employees the higher cost of life insurance if they obtain it individually will help them realize the great benefit that is being provided. If a permanent coverage is to be provided, explaining them the advantages of cash value in the policy will help them engage more in the program even if it is paid by the employee.
If you offer a permanent coverage option, also explain the value of having the cash benefit component to the policy.
Advantages of group life insurance coverage:
- Lower rate than buying individual coverage outside the group policy
- As opposed to individual life insurance policies, most group policies do not require medical exams making this advantageous to the employee as some medical issues may disqualify you to get an individual policy.
- Payroll deduction of premiums make it easier for the employee to pay for their coverage
Educating employees on the benefits of life insurance in general and the advantages of purchasing through your group plan can help increase awareness and participation, boost loyalty, and support hiring and retention initiatives.
Our Life Insurance brokers can help you:
- Make sure you are properly covered for your industry
- Help you during the design process to make sure you are industry competitive
- Ensure major tax advantages from premiums
- Asist you during the enrollment process to reduce turnover
- Tailor-made plans just for your company based on necessities
To stay ahead of your competition, you need to offer a good health insurance plan. As we all know, one of the major expenses for a company is the Group Health Plan. That is why you need to properly manage your plan and ensure the correct functionality of it in order to save money and time.
With the constantly changing laws and regulations. Our group benefit team can help you ensure your compliance responsibilities. We are up to date and with constant communication with your HR Department to ensure your compliance.
Employee cost sharing, exchange solutions, alternative funding and plan design are some of the alternatives we can work together as a team to ensure a competitive, low cost plan.
We like to call ourselves an extension of your Human Resources Department by providing ongoing support to your team.
Our main focus is on maximizing benefits and lowering overall costs.
GROUP LONG & SHORT TERM DISABILITY
One of the most comprehensive and valuable benefit packages is disability insurance. Our brokerage approach can assist you in the coverage protection you need more than your social security benefits. Having broad coverage can help you during the recruiting and retention of a talented staff. The most important thing about having a good coverage is that you can assure that employees will be covered and help manage your time spent during this process by maximizing the insurers resources.
Why is group disability insurance necessary?
The risk of getting disabled has exponentially increased from previous years. Higher coverage costs and lower benefits are the new norm. This is why you need a good team by your side to maximize your benefits and assure competitivity.
We can assist you to benefit from the most competitive packages on the market. We will share our vast knowledge and present strategies that maximize benefits and lowers overall costs.
We can help you with:
- Ensure adequate benefit coverage
- Save time and money spent on day to day operation of the plan
- Assure competitive rate with current and prospect providers
- Design complex strategies to your specific industry
Maximize short and long term coverages
GROUP LONG TERM CARE
The need to get extended care has increased overtime with people living longer. That is why long-term care insurance has become more popular among employees. By providing this benefit to your employees, you are separating yourself from the competition. Employees will appreciate this coverage since nursing home and assisted living costs have gone up exponentially, which are usually not covered by health insurance. As your broker or service provider, we can help you offer a competitive coverage and lower cost.
Your employees can either fund the policy with co-pay or direct payroll-deductions like 401(k) benefits. Most important, you are providing your employees a relatively low cost coverage that would otherwise be drastically expensive if requested by the employee on an individual basis.
Is disability coverage the same as long-term care?
Different from a disability coverage which often replaces a percentage of your salary, long-term care pays for your care needs after an injury or accident. This is often paid from employees out of pocket which can affect their day to day cash flow for other expenses.
This policy is designed to cover:
- Personal Care
- Home Health care
- Day Care for adults
- Nursing Home
- Assisted Living
Like most insurance coverage, their premiums depend on age of issue and health status. Additional coverage or riders are offered through the policy and chosen by the employer. We can assist you on getting the most complete and competitive coverage for your employees.