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The Great Importance of Life Insurance Plans for Employees

For many people, life insurance is an afterthought, and often employees don’t realize the importance of getting a proper plan. On the other hand, those who do apply for it usually have to face tons of paperwork and the risk of paying exorbitant amounts of money. This issue can be due to the life insurance’s complexity, misinformation from those who sell it or probably because it’s not a topic that people would rather talk about and discuss with their family members. The truth is, life insurance is one of the pillars of personal finance! That’s why employer-sponsored group plans can be an especially attractive benefit for prospective employees.

With the proper guidance from the right insurance company, such as Lewis & Palmer, it is possible to simplify the decision-making process and choose the right insurance plan for employees, employers, and their families.

Here we are some reasons why it is important to offer life insurance plans to employees:

1. It makes Your Employees Feel Safe

Offering life insurance plans to your employees is a way to let them know that you care and if something happens to them, their family can be financially supported and protected. Many employees might feel intimidated to the thought of something happening to them, and for that reason, it’s important to offer a proper training. Teaching employees about the importance of life insurance will help to increase loyalty to the company as they better appreciate this benefit.

2. It keeps Your Employees Happy & Satisfied

Instructing employees on the importance of obtaining life insurance through your group plan can help increase awareness, boost loyalty, and support hiring and retention initiatives. If you offer proper insurance plans to your employees, the chances are that they will remain working for you in a grateful way because they would have a good backup plan which the can rely on. As a matter of fact, many employees when looking for a job make sure that the company offers insurance plans; if you don’t offer them, potential employees are more likely to move on and find another job offer.

3. It improves Employees’ Productivity

An ideal health status can impact an employee’s financial situation and increase productivity at work. According to the MetLife study, employees in bad health are more likely to report financial concerns. Once your employees feel safe and satisfied with the insurance plans you offer them; their productivity will increase because they will put their best effort to keep a job that gives them exactly what they need. One of the secrets of being a great employer and business owner is to keep your employees happy and safe as well as maintaining healthy relationships within the workplace.

As a conclusion, with the proper life insurance plan (among other group benefits) employees, will improve their financial and physical situation, wich will strengthen their relationship with their employers, and this will result in greater retention, loyalty and increased productivity. In turn, having a committed and productive workforce will also help businesses reach their goals and achieve long-term success.

Does your organization offer life insurance as an employee benefit? Let Lewis & Palmer be part of your decision-making process! We can help you determine the best way to offer coverage that fits your budget and meets your employees’ needs.

What is the Health Insurance Exchange?

The passage of “Obama Care” – more formally known as the Patient Protection and Affordable Care Act (PPACA) – provides for the establishment of a number of organizations to facilitate the purchase of health insurance in each state. Intended to provide universal health care for all 300 million Americans, the exchanges have enrolled approximately 10 million people so far.

Why exchanges?

The goals of health insurance exchanges (HIXs) in the United States are two-fold. First, they are designed to help insurers comply with the provisions of the PPACA while competing in cost-efficient ways. Secondly, they are intended to help expand insurance coverage to as many people as possible. The exchanges determine which insurers can participate in the program and where.

How do they do it?

An electronic data interchange (EDI) is used to transmit information from patients to doctors and hospitals as well as to the final insurer. This transparency and accountability will increase the speed of care to individuals and also spread the risk over a wider group of beneficiaries.

How do you sign up?

Open enrollment for the PPACA in 2016 started on November 1st, 2015 and will end on January 31, 2016. Applicants can sign into LPBenefits.com to facilitate the process of buying a plan.

For further information on health insurance exchanges in particular and on health benefits in general, please contact us at Lewis & Palmer Benefits. We can be found online LPBenefits.com or reached directly at 954-308-7204.