Getting group life insurance
Group life insurance is where a single policy will cover a specific group of people - usually used in business to cover an organisation.
We live in a world full of uncertainties and people’s biggest concerns is their health care or insurance in moments of unexpected accidents, which is why group term life insurance can be the swiftest move for you. There are various types of group insurance; large and small business group life insurance, group term life insurance and other.
Will giving more benefits to staff be a good investment for your business?
Yes. Harvard Business School Professor, Deepak Malhotra, once said that "there is a lot of work that shows non-monetary incentives (e.g., recognition, respect, autonomy, etc.) can be powerful motivators of behaviours in the workplace. The key is to understand you are dealing with human beings who work hard not simply because of financial incentives, but because of a whole host of other factors.”
When working with small business groups, one cannot keep this out of sight. Why is that? Because the happier your workers are, the higher their productivity will be, and that will benefit your business in the long run. Making sure you have small business group life insurance will increase motivation leading to increased productivity and reduced absenteeism.
How Much Does group life insurance Cover?
Policies can go from £10,000 or well over £1 million (similar to a Life Insurance Plan), depending on the plan, the provider and your choice as well. You can decide between a minimum and a premium cover. What most businesses take into account is the number of employees, hourly rate, and total annual income (after taxes). Revising it thoroughly along with your accountant and your agent can lead to one of the best financial decisions ever. Don't forget there are different factors to take into consideration, wherever you are looking for group term life insurance or based on the size of your company.
Does Group Life Insurance cover my employees’ direct relatives?
Most of the time, yes, but it will depend on your plan of choice. The majority of plans cover direct relatives, such as spouse, children and parents.To make sure it does, it is better to review your policy, especially if it is group term life insurance.
Can I Apply If I Have Many Different Businesses?
Yes, you can! A plan can be arranged with your agent so you organize and affiliate the many businesses under one policy or contract. You can even get group term life insurance policies if one of your businesses need a temporal assurance.
Will All The Business Be Treated As One?
Not necessarily. Depending on what is stipulated in the contract, all your employees or businesses can follow the same plan or not. You could still work with the same company and create individual plans for each company that you have.
Will I Pay More Taxes with Group Life Insurance?
Contrarily to popular belief, incorporating this type of benefits into your workplace reduces the amount of taxes that you pay. Reduced taxes can help minor organisations with small business life insurance.
How can I get covered for group life insurance now?
This one's easy! Click here to get yourself a free group life insurance quote.