AS a small business owner, you do your best to attract and keep the best employees. One benefit you can offer that may set you apart from other employers is group life insurance coverage.
Providing life insurance coverage for your employees may sound like an expensive proposition, but in reality, the coverage can be very affordable. The national average monthly premium for coverage is $.25 per $1,000 in coverage. Premiums for up to $50,000 coverage for your employees are deductible from your federal income tax and not taxable to your employees.
In addition to the benefit of providing affordable coverage to your employees, there may be other advantages to offering group life insurance. Having group life coverage may help to reduce employee turnover, reducing the costs associated with hiring and training new workers. Benefits such as group life have also been shown to improve morale and loyalty among employees.
Employees can name and change beneficiaries as needed. They may also feel more secure since funds are typically available almost immediately, if they die while covered under the policy. Something your employees may need, at an affordable price. Contact your insurance agent today to find out more about group life insurance coverage.
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If you suspect a scam, call the NICB hotline at 1–800–TEL–NICB.
For information about auto insurance and insurance fraud, contact your insurance agent.
( Published May 29, 2010 in Asian Journal Los Angeles p. C3 )
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