Helping employees take care of their families.
When you offer comprehensive life insurance coverage to your employees, they can focus on their jobs with one less worry about providing for their families in case they are not able to.
Employee life insurance demand is rising.
While not all employees will opt in to a group life plan, those who do highly value the benefit.
named life insurance as a top benefit provided by employers
in the same survey said life insurance is a key benefit in employee plans.
in employee participation with opt-in life insurance benefits at work in 2022.
There are many ways to protect employees’ families from financial (as well as personal) loss:
- Group term life insurance
- Group universal life
- Group accidental death and dismemberment
- Business travel accident insurance
- Split-dollar life insurance
- Portable coverage
- Additional life insurance plan riders
Frequently asked questions about employee life insurance.
Term life insurance covers your employee for a set period of time. It tends to be the more affordable option in a group plan.
Universal life does not have a term limit and lasts for that employee’s lifetime. These policies cost more but provide each insured employee with permanent insurance coverage that also accumulates a cash value year after year.
Your Highstreet agent can help you understand all the options and help you choose the right group plan.
Most group term life policies offer either a set amount of payment per employee, or may be based on the employee's salary, paying one or more years of income to the family. The type of benefit you choose may reflect the makeup of your workforce, including their ages, their salaries, and whether they have dependents. Your Highstreet agent will go over these details with you, and help you select a policy that works for them—and you.
Depending on the policy you choose, employees could lose their benefits if they resign, are laid off, or are reduced to part-time status. Some policies will allow employees to convert their part of the group policy to an individual one. If portability of insurance is an important aspect for you and your employees, your Highstreet agent can help you find the right plan.