Why You Should Offer Life Insurance as a Benefit

Why You Should Offer Life Insurance as a Benefit

It would help to decide which benefits to offer to stay competitive as an employer. One you should consider offering is life insurance, and here’s why.

These days it feels like everywhere you go there are “now hiring” signs up. In this job market, your company has to work hard to attract top talent. For prospective employees, the decision to commit to a new employer is a complicated one. They have to weigh not just the impression of whether the employer will be a good fit for them, but also the compensation, including benefits. As an employer, you need to decide which benefits you can afford to offer to stay competitive. One you should consider offering is life insurance. Here’s why!

It’s Affordable

All things considered, life insurance is one of the more affordable elective benefits on the market. Life insurance policies are usually available with good bulk discounts, meaning that you save even more money when you buy policies that cover all your employees. 

It’s Customizable

Some people assume that life insurance is one size fits all, but it isn’t. There are as many varied policies as there are families. This customizable nature of life insurance makes it an even more valuable benefit to employees. They can get the policy that works best for them without having to pay exorbitant rates because they still benefit from being under your group policy.

It May Be Required

While it’s not a legal requirement, some industries are so inherently dangerous that you won’t be able to find workers if you don’t include life insurance. This doesn’t mean that only high-risk jobs should offer it, however – everyone can benefit from jobs providing life insurance as a benefit. 

It Could Protect Your Business

Providing life insurance could also help protect some of your most irreplaceable employees. First, having a life insurance policy may make people less inclined to leave. Second, you could couple it with a key person insurance plan to protect your business.

Employees Want It

Finally, perhaps the best reason to include life insurance in your benefits package – employees want it. Life insurance routinely ranks in the top on the list of in-demand elective benefits. Life insurance is a vital planning tool in most families, giving peace of mind for people that their loved ones would be taken care of if something were to happen to them. Including this benefit tells your employees that they are valued not just as workers but as whole people with lives and families. 

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, October 14th, 2022 at 3:08 pm. Both comments and pings are currently closed.