Life is always throwing us curveballs. Unexpected twists and turns can lead to the worst happening, and in situations like that we all want to make sure our family are covered. It’s something many people forget about, so why not help your employees remember?
Employee life insurance is becoming a more common practice among businesses, it offers peace of mind and great incentives for employees to stay. So when we ask do businesses offer employee’s life insurance, the answer is yes – because that’s how they show they care.
But What is Employee Life Insurance?
A great question, and one that is fairly simple to answer. Employee life insurance has been designed to support the family of an employee should they pass away – regardless of whether the cause of death was related to work, illness, or something else.
It not only offers them a financial aspect, but also the opportunity to get grief counselling and probate support. For employees, there are employee assistance programmes – including those that help them learn how to live a healthier life.
Costs and Coverage
It’s normal to worry about how much it is going to cost you as an employer, as well as what your employees are covered by. The good news is that you can choose your packages, tailoring them to meet your needs and ensure they are well-suited to your employees.
Furthermore, you can usually have your insurance options split. This means that they can be different depending on the level of seniority that an employee holds – creating better incentives for promotions and leading to a higher chance of retention.
One downside to splitting the policies is that it can cost a good deal more than just going with one straightforward plan. However, it does tend to make employees feel more valued because the added benefits that come with higher insurance tiers come with a sense of recognition.
The overall cost really does tend to vary from business to business as everyone has different needs, coverage, and circumstances. The average price per employee is £115 per year, which is a lot lower than many expect it to be.
So, Why Offer It?
As a business owner, it is up to you to make sure that your employees are happy, secure, and motivated at all times. Without them, your workforce ceases to function and your business will end up collapsing. They are your pillars, and you have to maintain them.
Companies that have employee life insurance tend to see an increase in productivity, focus, and overall work ethic. Employees also tend to be happier in the workplace because they know that the future of their families is secure should anything happen to them.
What’s more, the higher rates of employee retention means that you end up with loyal staff that are there to help your business grow and thrive.
Employee life insurance is what helps your business stand out from the crowd. It draws in employees who have a strong work ethic, determination, and want to remain with your company long-term to help it become more successful. Do businesses offer employee’s life insurance? Yes, only the best.