5 Reasons to Set Up Company Life Insurance for Your Business
- March 20, 2023
Setting up a group life insurance through your business will provide all employees that opt into the scheme life insurance cover whilst they are at the company. But why exactly should you consider setting up company life insurance for your business? Let’s take a look at 5 key benefits of offering group life insurance.
Attract Top Talent to Your Business
It might surprise you to learn that prospective employees do not just look at salary before applying for a job. Though salary, of course, still matters, the top talent in your field will also look for offerings such as company life insurance, employee assistance programs, additional holiday days, subsidized child care, private medical insurance, and more.
In fact, one survey found that 80% of respondents would choose a job that offered employee benefits over an identical job that offered no benefits but 30% more money, which highlights just how effective these benefits can be in attracting top talent.
Boost Employee Retention
Following on from the above, if you aren’t doing this, then you can be assured that your competitors are. If one of these competitors were to approach your current employees, then it is only natural that they might consider leaving your company for a better offer, even if you negotiate on salary.
With this in mind, offering life insurance to employees can boost both employee acquisition and retention.
Give Employees Financial Security
As reported in the Independent, one-quarter of young adults in the UK have cited the cost-of-living crisis as the leading cause of anxiety in their lives, so much so that they fear they will never be able to afford to start a family due to the lack of financial security.
However, a life insurance policy can give people the peace of mind that their loved ones will be supported if anything were to happen to them – whether they have already started their family or are looking to do so in the future.
Assist Employees in Qualifying for Life Insurance
When taking out an individual life insurance policy, you will have to answer a series of in-depth questions and disclose your full medical history. Depending on the insurer you are dealing with, certain medical conditions or existing illnesses will not be covered, and so some of the most vulnerable people might be declined coverage.
Also Read:- 5 Reasons to Become a Life Insurance Agent
If a company were to take out life insurance for its employees, however, this will be what is classified as group life insurance. With group life insurance, there is typically no need to disclose medical history unless you are one of the highest earners in the company. This way, employees who would usually have higher premiums or even be declined life insurance can get cover through your business.
Better Support Your Employees
As you can see, the previous reasons have all come down to boosting productivity, efficiency, and profit in your business. Despite being in the corporate world, it is still okay to do things just because it is the right thing to do, rather than being a business decision.
Offering employees life insurance can show just how much you value them, and that you care about their well-being. Your continued support can go a long way to improving the overall happiness of the workforce, both at work and at home.