These unprecedented times have left many in a state of financial insecurity and concerned for their financial futures. Unpreparedness for sudden unemployment or the loss of a family’s primary wage earner has people scrambling to protect themselves and their families should they be directly affected by this pandemic.
COVID-19 has underscored the importance of protecting one’s family with life insurance. For many Americans, the easiest way of obtaining life insurance is through an employer benefit package. An employer’s insurance offerings are a core consideration when choosing a job, so it’s critical that in addition to comprehensive health insurance, you’re also offering robust life insurance options. But just offering life insurance isn’t enough anymore — employers also need to educate employees on the benefits of life insurance, detail the specifics of each available plan, and urge them to enroll as a proactive step in protecting their family’s financial security.
What to consider when choosing group life insurance
There are two main types of employer-provided group life insurance: Basic Employer-paid Life and Supplemental/Voluntary Life Insurance. Many employers offer Basic Employer-paid Life and cover part of the premium, but it’s also advised to offer Supplemental/Voluntary Life Insurance as well to ensure employees have sufficient coverage to meet their family’s needs. Employees who enroll in Supplemental/Voluntary Life Insurance have the cost deducted from their paychecks.
A comprehensive life insurance plan should also provide resources to help employees and their dependents navigate certain unexpected events or stressful times — the pandemic being a perfect example. Some additional benefits to look out for include counseling, financial and legal consultations, identity theft services, identity theft protection, and tools to help put together wills, power of attorney and other legal documents.
Offering life insurance options that go the extra mile will provide employees with a sense of security