March, Monday 04, 2019
Purchasing group insurance can be beneficial to both the employer and the employee. As an employer, it provides huge savings when you consider the cost of purchasing insurance for each individual employee. For the employee, it guarantees safety in the event of a chronic illness or accident.
So let’s look at the benefits of group insurance in details:
Benefits To An Employer
Provides Motivation For Your Employees: It’s important to keep your team motivated and what better way than to assure them that you care about their well-being. Buying group life insurance for your employees is a sure way to tell your employees that you value their talent.
It also eliminates the constraints that come with buying individual life insurance because with group insurance an individual’s personal income is not the major consideration.
Improves Employee Retention: It is a well-known fact that apart from salary, company culture is another factor that influences employee retention. If your employees feel valued, they will not be in a hurry to leave your organization, even when they get higher wage offers from other organizations. Going for group life insurance will let your employees know that they are valued. This will definitely motivate them to stay.
Reduces Employee Insurance Cost: As I stated before, buying insurance in a group is a cost-cutting strategy that can save you a lot of money. A group insurance policy will help you to save money while ensuring that the lives of your employees are covered.
Even for a small firm, it is easier to go for additional coverage by including coverage for dental conditions or critical health issues. This will save you and your employees some money.
Benefits To Employees
Take Advantage Of Group Coverage: As an employee, group insurance allows you to take advantage of automatic coverage without going through the stress of being evaluated on a personal level. for instance, when you sign up for a group medical insurance, your health condition isn’t examined. This means that even if you have a chronic health issue, your premium will not be increased by the provider.
Reduces Insurance Cost: Beneficial for employee’s wellbeing: Paying medical bills can be overwhelming and going for individual medical insurance can come with a hefty premium. The same goes for buying life insurance. Group insurance policies are a great way to cut cost while ensuring maximum protection for yourself and your family.
Offers Immediate Coverage: The best aspect of group insurance policies is that you don’t have to wait for some time for them to mature. There is no waiting period and you can start benefiting from your policy from the day your company signs up for it.
In conclusion, group insurance is cost-effective for employers and provide immediate, hassle-free coverage for employees. Looking to purchase group insurance for your employees? Talk to one of our insurance brokers today.