Why Group Life Insurance Is The Must-Have Perk For Employees In 2021
2020 was a tumultuous year for many, and the first half of 2021 didn’t seem to improve things much either.
However, now that vaccines seem to counter the coronavirus’s dominance, there could now be a resurgence in prospects somewhat. As a result, the roadmap to ease many restrictions is now in play, and businesses across the nation can start thinking about recovery instead of mere survival.
It might be that group life insurance can play an important role here. Exciting new talent may even be drawn to the firm once it’s implemented. But why? If you’re an employer yourself, consider our reasons below for implementing a robust group life insurance policy.
It’s More Affordable
The Coronavirus pandemic has been financially devastating for many firms, causing them to experience significant setbacks. As a result, businesses might find themselves with a budget much smaller than they are used to.
While the idea of investing in group life insurance policies might seem like an excess cost you cannot afford, that is not the case.
One benefit of group life insurance is that the premiums can be lower than they would be if the coverage were sought for each employee. You will also pay no income tax on group life insurance, as these policies are eligible for corporation tax relief. Moreover, it’s typically considered one of the cheapest insurances on the market today, fitting within your business budget comfortably.
It Proves Employers Care
Many companies have felt powerless to help their staff in recent times. Whether it’s redundancies or support in mental wellbeing, you may have felt unable to come through for your workers – though not for lack of trying.
Still, a group life insurance policy can be a symbolic gesture from employer to employee. Implementing it is such a good choice that workers will undoubtedly feel an affinity with their workplace should they have it. Moreover, it demonstrates that the wellbeing of themselves and their families is the ultimate priority, even when company prospects may be uncertain.
Fortunately, you can compare the costs of Group Life Insurance through Drewberry, an award-winning insurance broker and financial advisory firm that can provide reliable quotes for you with a few clicks. In addition, they explain all the benefits of the coverage, how the demographics of your employees may factor in, and inform you how to be eligible for this support. Utilise their expertise, and you can look after your workers in a way that resonates with them.
It Provides Peace of Mind
Sadly, an early survey from last year showed that the numbers of unhappy workers were rising, and it’s hard to imagine things have gotten better after last year’s events. Due to Covid-19, workers may even be grimly contemplating their mortality more than usual as well.
A group life insurance policy can help workers feel content in their roles despite the doom and gloom of the world around them. They will no longer have to worry about many aspects of family finances. Should your employees pass away, their families can repay parts of loans, avoid costly funerals, and generally be looked after financially. Facilitating that level of reassurance is your duty as an employer and a privilege.