4 Things You Should Know About Life Insurance

Here’s why small business owners and their employees should consider term life insurance protection.

In the event of a tragedy, life insurance can protect your family, your employees’ families and your business. You may think that it will cost too much or that the process of finding a provider is too complicated, but it’s time to reconsider.

Premier Insurance would like to share four things that might surprise you about how life insurance can benefit you and your employees.

1. Term life insurance is the most common type.

Life insurance policies are not one-size-fits-all. There are various types, including whole life, universal life and variable life. But the go-to is term life insurance, which provides coverage for a set period of time, and benefits are paid if the insured dies within this timeframe. These policies typically offer the largest amount of insurance for the lowest premium, though premiums may increase as the insured ages.

2. Rates are more affordable than you might think.

While costs vary based on age, gender, health and type of plan, life insurance can be more affordable than people often think. For example, per a 40-year-old male with good health (rated as preferred status and is a nonsmoker) can obtain a $200,000 20-year term life individual insurance policy for about $46 per month, and employer-sponsored group plans have even cheaper premiums.

3. Life insurance helps attract and retain talent.

Larger companies often have the edge when it comes to employee benefits packages, but small businesses can be just as competitive by including life insurance as part of their benefits package. The two main options are employer-sponsored and voluntary, and these can be transferred to individual policies if employees leave the company.

  • Employer-Sponsored Plans: Most employers provide term life plans for employees with a specified dollar or multiple of salary benefit.
  • Voluntary Plans: These plans can be offered through employers, but the employees decide whether to participate and pay the premium, which have employee group discounts. These plans can also be purchased as a supplement to employer-sponsored coverage.

4. Payouts can cover a wide variety of expenses.

For both employers and employees, life insurance funds can be used to take care of final burial expenses, a mortgage, loss of income, tuition, car payments and everyday living expenses. Life insurance funds may also be used to protect a business in the event of the death of the owner or key employees. The financial security offered by term life insurance policies is invaluable.

Shop for options and determine how much and if term life insurance is right for you and your employees. Call us at Premier Insurance 239-542-7101 or follow this link www.premierinsurancecorp.com to get an idea of pricing for you!


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