Paying for life insurance for employees is a valuable benefit that can be a big selling point when recruiting staff.
Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization and the policy covers the employees or members of the group.
Group life insurance is designed to pay out to the employee’s financial dependents to make up some of the lost income if the employee dies. Depending on the policy, the coverage could last for a limited period, until the employee reaches retirement age or until they die regardless of when that is.
If you’re interested in learning more about group life insurance, give us a call. We can help you to determine if it is a good fit for your business.