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.