Good benefits can increase employee satisfaction. If you are an employer, providing valuable benefits that can be paid via payroll deduction can give you an edge when trying to attract and retain workers. Life insurance is one benefit you can offer in the workplace at a reasonable cost.
But as you consider offering life insurance, you may ask: How much coverage is needed? What about protection for family members?
According to LIMRA, a leading insurance and financial services trade organization, millions of Americans have no life insurance coverage other than the employee group term life insurance offered by their employers. Group life insurance plans usually include a cost to the employer, offer limited coverage options for the employees, and are not portable if an employee leaves the company. And, since these plans cover employees only, an even greater number of people have no coverage for their spouses or dependent children.