Does your company offer group life insurance? If not, they might be ignoring one of the most cost effective ways to make their benefits package more attractive to potential and current employees.
Employees have come to expect more than a salary from their employers. In a recent Wall Street survey, participants were asked if they would rather have no pay increase but retain current benefits, or get a raise and see benefits decrease. Fifty six percent of respondents said they would rather keep their benefits and sacrifice an increase in pay. This illustrates how important it is for employers to offer a competitive benefits package to their staff members.
Among the many benefits an employer can offer, group life insurance serves as an excellent way to attract new employees. It also increases the morale of current employees and fosters a better sense of loyalty within the company.
Group life insurance policies can apply to existing or new employee.Family members can often included as well, with a nominal amount paid by the employee. Most policies also offer extra benefits allowing employees to choose at a discounted rate. This makes it easy for employers to offer more than one plan, while paying a minimum amount for insurance premiums.
Group life insurance coverage is often less expensive than individual life insurance for several reasons. First of all, group life insurance is a form of collective bargaining. It involves less paperwork for the agents and less time in selling to each individual. These incentives are extremely helpful in order to enable insurance companies to offer lower rates on group life insurance policies.
Employers benefit from group life insurance in a unique way. There are no mandatory medical examinations in order to be qualified. For some, this is the difference between being able to obtain life insurance and not being able to qualify for coverage. Chronic diseases make getting life insurance a lot harder. The fact that people can obtain life insurance through their places of employment could be enough of a reason to persuade hard working employees to stay in their positions.
Additional Benefits of Group Life Insurance
· Since group life insurance is part of wages paid, it is tax deductible.Adding benefits to employee packages may improve productivity and morale.
· Many plans offer a waiver of premium benefit. If an employee is totally disabled, they will be able to continue group life insurance coverage without paying the premiums. This is yet another tangible symbol of a company’s appreciation for its employees.
· Employers can customize group life insurance policies to fit company needs. Many plans can be tailored to meet specific employees.
A company’s benefits package is the main attraction to the work force. Adding to it will attract a better, more loyal group of employees, and help retain the hardest workers.
Finding the right and affordable health insurance for the self-employed is hard, especially if you are looking for a family plan.For self-employed, this can be a real trick. There are, in general, three types of plans for affordable health insurance for the self-employed.
These different types of plans include:
Individual – this plan is best if you only need self-employed health insurance coverage for yourself, as this type of medical health insurance will cover you only, and no one else.
Family Health Plan – if you require a self-employed health insurance, that will cover everyone in the family, this is the type of medical insurance coverage you should look for. This will ensure that everyone in your family has affordable health insurance coverage.
Group – Provided you have two full-time workers working for you and your company operates under a registered name, you can quality for a group health insurance coverage.This plan will provide coverage for you, your employees and your family, added that these plans are required to accept all applicants.
Although self-employment has many pluses, not working for someone else has its drawbacks too. One of the biggest drawbacks is lack of affordable health insurance coverage. While many Americans have the benefits of spousal health insurance plans, those who are self-employed do not.
Unfortunately, today many families are living without health insurance, as health insurance for the self-employed premiums have been skyrocketing. With the current economy more and more people need family plans, but cannot afford them and in a position where they must rely on government or state programs, if they qualify.
Affordable healthcare plans for the self-employed is more out of reach today than it has been in many years, whether due to rising premiums or failing companies, it matters little as families are suffering and finding affordable health insurance for individuals and families gets further out of reach. New York health insurance providers, understand this and have been looking at ways to implement family plans for the self-employed, so they can obtain reasonable health insurance quotes.
Some of the options self-employed business owners may wish to look at include: aetna health, blue cross blue shield, humana health, united healthcare, and Medicare in their efforts to find affordable health insurance for the self-employed, as well as optional family plans. Health plans are offered by many services to assist those without affordable health insurance, and many have open enrolment, so check online today!
If you are searching for a number of auto insurance quotes in the state of Michigan you may want to take your attention first to the web as most of the main Michigan insurance agencies have a lot of the information available there. Indeed you will find that the Michigan rate is freely available for all to see.
You will find that all of the information you need to properly apply for a policy with the different companies in and around Michigan will be found on their websites, in most cases the sites are considerable user-friendly and in a lot of cases give you the oppotunity to at the very least begin your application for low cost car insurance directly from the site.
Low Rates Are Available
Comparing rates from one company to the next has never been easier, these days all one has to do is hop online and compassion shop from one site to the next taking notes of all the important details about each policy and its pricing.
You should have no problems in locating the Michigan rates online for the various different car insurance firms for the major towns such as Detroit, Dearborn, Clinton etc. Average premiums in and around the state of Michigan tend to be around the 00 mark. Surprising as it may sound, that 00 premium rate has held true throughout the last four years and has not really risen, the apparent reason for this is the increase in auto insurance firm competition throughout the state of Michigan.
It is definitely worth your while doing some shopping around for the best price for your auto insurance in Michigan since many agencies will be trying to outdo their competitors. Although this may be obvious to you I feel it is necessary to point it out anyway, putting off getting an insurance policy and driving without it’s a remedy for disaster, people who engage in these practices always eventually get caught out and find themselves in a much worse situation than if they had opened a policy in the first place. Though every state in the United States has its own insurance policies, Michigan State does also have a no-fault policy, which allows the car owner to claim insurance compensation irrespective of who is to blame for an accident, though there are some limitations. When you choose your auto insurance in Michigan, do so taking into account all factors and not just based on the cheapest rates available. Only this way can you really be sure you’re getting a good deal.
There are many A+ rated life insurance companies that have policies that will give you back all of your premiums. It may sound too good to be true, but what I’m talking about are return of premium term policies. It costs more to add this feauture to your term life policy, but the added cost can mean that you can essentially get your life insurance policy for free.
So how does it work? It’s very easy. If you outlive your term policy, the insurance company will send you a check for all of the premiums that you paid into the policy. For example, let’s say you buy a $250,000, 20 year term policy with the return of premium feature. Let’s assume that your premium is $100 per month. You pay your premiums on time every month, and after 20 years you are still alive and well. At that point you would have paid $24,000 in premium payments, so the insurance company will send you a check for $24,000. You can use that money to buy a paid up policy or do whatever else you want with it.
Statistics show that only about 1% of term life insurance policies actually pay a death benefit, so there is a high likelihood that you outlive your policy. If you can afford the extra premium for the return of premium rider, then I think it’s a great way to essentially get your life insurance for free. You can have peace of mind in knowing that your family is protected if something happens to you and if nothing happens, then you can look forward to a nice check.
