Group Life Insurance
Providing a safty net for your employees
Over the past several decades, Americans have become increasingly reliant on employers for their life insurance coverage. Today, 40 percent of Americans have life insurance coverage through work. Roughly the same percentage of the population has individually purchased coverage, down from 59 percent in the 1960’s.
Compared to other popular benefits, a basic life insurance benefit is relatively inexpensive to provide. Some employers provide a modest lump sum benefit (e.g., $10,000 or $20,000), while others offer employees a multiple of their income (e.g., one or two times their annual salary). For those employees who only carry group insurance, the mean coverage is roughly $100,000. Because many employees have needs greater than that, you should consider giving employees the option to purchase additional coverage through your group plan. It doesn’t cost more to offer this option, and it will give your employees the opportunity to get the right amount of coverage for their specific needs, something that might not occur if they had to purchase additional coverage on their own.
Garvey & Associates ensures the best group life insurance value by offering a wide range of products from many of the leading providers. Contact us today to request a comprehensive no obligation quote.