Offering your employees a group life insurance plan is a great way to protect your business against employee turnover and add a quality benefit to your overall compensation package.
While offering life insurance to select individual employees can get expensive, group life insurance plans are typically more affordable due to the bulk rate. Another benefit of providing life insurance coverage to all your employees is that the premiums you pay on behalf of your employees are tax-deductible. Most of the group life insurance plans we offer in Texas fall under one of two categories:
Group Term Life Insurance – Term life insurance policies are the most common type and have a specific end date–usually one year. There are three types of coverage that fall under the umbrella of group term life insurance: basic, supplemental, and portable. Basic life insurance is the standard coverage, supplemental plans add coverage and flexibility, and portable group life insurance is for continuation of coverage.
Do you know why group life insurance is important to you and your business? Click here to read an informative article from Entrepreneur.com that discusses the topic, as well as what features and options to consider.
Group Universal Life Insurance – Group universal life insurance falls somewhere in between term life insurance and whole life policies. Under a group universal plan, premiums are generally more cost-effective and employees can also build cash value through a universal plan by paying beyond the premium.
For more information about providing group insurance and healthcare plans for businesses, visit the website for the Texas Department of Insurance.
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