Group Life Insurance in NJ

Should You Provide Life Insurance for your Employees?

Group life insurance is a popular employee benefit. A lot of business owners around the world offer this perk to their employees, as it presents an exceptional method of boosting retention levels. When it comes to group insurance plans, the contract is between all of the members and the insurer, rather than being between one individual and the provider.

US Business that Provide Life Insurance

Why Group Life Insurance?

There are two distinct benefits associated with group life insurance:

  • It is easy to qualify for coverage. There are no medical questions and the risk (and consequently premiums) are based on the group as a whole.
  • Basic coverage is usually free to the employee when offered as part of a basic benefits package. For the employer, this is a great way to boost retention rates and employee satisfaction, and it’s tax-deductible.

Types Of Life Insurance

As a broker, we are available to help you find the best policy for your requirements. We’re not tied to specific products, which gives you complete peace of mind that we will only recommend something that is right for you. But, before you give us a call, it is good to be aware of the different types of life insurance coverage that you can choose from.

Term Life Insurance

Term life insurance is one of the most common options. This type of policy means that you and your employees are going to be covered for a fixed period of time. In a lot of cases, policyholders will agree to decrease term life insurance for the purpose of lowering their premiums. With this, the potential payout will get lower and lower with every year.

Whole Life Insurance

In whole life insurance, policy members are covered for their whole life. This is a lot more expensive than term insurance, as payments continue late into the life of the policy holder. However, a lot of people prefer the security that comes with this type of insurance, as they know that their loved ones are going to be cared for no matter what happens.

Some insurance firms will offer policies that are a compromise of the two, offering a fixed term type of coverage, where employees can have the option to change to an endowment policy or whole life plan at the end of the term, without further medical evidence being required.

Learn about Group Life Insurance

Here at Central Jersey Insurance Associates, we have been helping business owners to acquire the best insurance plans for more than 61 years. We are unrivaled when it comes to experience, and we have a huge assortment of policies available from all of the best insurers, which we have carefully sourced. This ensures you end up with the right policy for your needs and budget.

Give us a call today for more information about Group Life Insurance.

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