Are you thinking about offering life insurance to your employees? Read on to learn if offering this employee benefit is worth it.
For most employees, the initial draw to a company is the employee benefits. Sure they like the free coffee, and they won’t turn down donuts on Friday. But if you don’t offer your employee benefits, there’s a big chance they’ll leave you for someone who does.
So what kind of insurance should you offer? Health insurance is a good start, but what about life insurance?
Life insurance is wonderful for employees. In case there’s an unexpected death, life insurance helps the deceased’s relatives. They don’t have to worry about what happens to their families if an accident happens.
It’s a security net for the employee, but why should the employer care? Keep reading for 5 reasons to offer life insurance as an employee benefit.
Employee Benefits Give Workers a Sense of Security
Did you know employees work better when they’re not worried about their families? This is contrary to the idea that you should keep your employees on their toes. Studies show employees are more productive when they’re not worried about providing for their families.
If you, the employer, can take one more worry from your workers, why wouldn’t you? You’ll create a sense of peace which will make them better employees. This can only help your bottom line.
Full Employee Benefit Packages with Life Insurance Create Better Retention
Business is all about the results. It’s no different for your employees. If they’re choosing between your company and another job, benefits are a tie-breaker.
This is especially true for fathers and mothers with small children. Studies found most adults cite health insurance as their reason for sticking around in a job. If you offer better benefits than competitors, you’ll have better retention as well.
Take Advantage of the Tax Benefits
Did you know you could get a tax break if you offer your employees benefits? This includes health insurance, life insurance, and education assistance.
Tax breaks can help a business or kill one. If you offer a comprehensive employee benefits package, then everyone wins.
It’s Easy to Set Up
Instead of trying to DIY your employee benefits, invite an insurance expert to the office. They’ll answer questions and give life insurance quotes to anyone who’s interested.
Afterwards, your company can host open enrollment sessions online. That way everyone who’s interested in life insurance has a chance to take part in it.
Group Rates Make Life Insurance Affordable
If you’re worried about the cost of life insurance, then check out group rates. It’s a good way to lower the cost of insurance for your company. Plus, it will lower the rates for your employees as well.
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