Life Insurance: Protect Your Employees, Protect Your Business

As the owner of a growing Florida business, you want to do everything possible to protect your business against disruptions and financial losses that could curb that growth. Providing key employee benefits like life insurance is one way to accomplish that goal, even in the midst of a financial upset due to COVID-19 restrictions.

There are many ways that a smart life insurance program can help protect your employees and your business from the inevitable turmoil caused by the death of a family member / key employee.

Here are the top 6 benefits that offering life insurance to your workers as an employee benefit can bring to Florida businesses of all shapes and sizes.

1. Attract & Retain Top Talent
The first benefit to be gained by offering quality life insurance to potential and existing employees is that it attracts top-of-industry talent to your business. While health insurance is the number one benefit people are looking for, other options like life insurance are also very popular.

You can’t afford to let your competition strip away your most valuable workers by luring them over with better benefits!

2. Encourage Older Workers To Stay
Life insurance especially encourages older workers to stay put with you, and the fact is, older workers often have the greatest skill sets and the deepest experience.

It’s never too early to sign up for life insurance since the younger you enroll, the less you pay in premiums. But those 40 and over tend to be especially interested in having a high-quality, low-cost life policy in place.

3. You Shield Against Employee Loss
While obviously the lives of people are more important than money and corporations, business growth and health are important too. And when a valuable employee passes away, it impacts his employer as well as his family and friends.

Some form of corporate-owned life insurance (COLI) or a similar plan can help to shield both family and employer of the bereaved against the shock of his or her passing. For example, it could cover the cost of recruiting and training a new hire to take his/her place.

4. It’s A Relatively Inexpensive Benefit
Compared to many other commonly offered employee benefits, life insurance tends to be cheaper. Partly, this is because of group rate discounts that insurers give to businesses; and partly, it’s just the nature of term life (usually offered by employers) as a relatively low-cost product.

Your staff will greatly appreciate “free” life insurance or even optional, significantly discounted employer-based policies. You can do this at a very low cost to you – so why not make your workforce happy!

5. You Can Insure Yourself As Well
You can also purchase a whole, term, or other life insurance policy for yourself and for your top executives. This can be the same basic set up as that offered other employees or a special deal.

By protecting yourself, you protect your business against the sudden, unexpected loss of its owner or of a key business partner or high-up executive officer.

6. You Give Your Employees Options
One of the major factors that workers love about life insurance as a benefit is that there are so many different types of policy. You can make the entire benefit fully employer-paid or voluntary and self-paid. You can let employees customize their coverage levels and/or choose among term life, whole life, and variable life.

To learn more about how life insurance as an employee benefit can have a positive impact on your business’ growth and well-being, contact Flagler Financial today!