In business, a company is only as good as its employees. Between hiring, training, and sustaining employees, they become an investment for a company. As with any investment it is important to protect them. While many companies offer a benefit package to their employees, many leave out life insurance as a benefit option. As this saves on cost, it decreases the protection you have for your most prized assets, your employees. If you are lacking life insurance in your benefits package, take into consideration how offering life insurance can benefit your company and not just your employees.
Attracting and Sustaining Quality Employees:
One of the hardest parts of running a business is finding quality employees and keeping them. With so much competition in business, you want to assure you are attracting and keeping the best quality employees available. A quality employee takes into consideration the benefits of working for a company. Your benefit package is one of the factors they look at closely. By offering life insurance in your benefit package, you attract employees that not only need a job, but are also planning for their future. This is an important quality in a successful employee.
Peace of Mind:
While your employees dedicate their skills and knowledge to your business, they also dedicate their time to planning for the worst case scenario. The world is full of uncertainties which may weigh heavily on the minds of those who are not protected. By assuring your employees with life insurance, it is one less concern that will allow them to concentrate more on work and less on “what if” scenarios. Life insurance offers peace of mind.
With the tightened qualifications of insurance companies, many employees may find it hard to get accepted for individual plans. This is another concern that may affect performance, especially for those who have families to protect. By offering life insurance in your benefit plan, you offer your employees guaranteed coverage that they may not otherwise qualify for. This is a great way to increase moral and offer your employees the peace of mind they get when knowing that they and their families are protected.
Insurance is not cheap on an individual basis; this is just a fact of life. With the cost of living increasing yearly, this additional cost may not be in your employee’s budget. With a group life insurance policy the cost is lower than an individual plan. The savings are passed on to your employees and give them the options they would not otherwise have.
Offering life insurance as part of your benefit package offers a lot of benefits to employees and companies. With the increased moral, piece of mind, and protection of your investment, a company will be able to attract better employees and keep them with the company longer. Protecting your employees and their families shows that you care about them enough to offer a well-rounded benefit package which in time will yield a happier workforce and better output from your employees.
Clayton Lawrence is a personal finances guru and freelance blogger for wholetermlifeinsurancequotes.org, a site he often recommends for getting free term life insurance quotes.