Do your employees view your company as the best workplace, or are they simply biding their time?
Many employers underestimate how much employees value a robust benefits package. Companies that offer better benefits typically attract a larger talent pool, experience lower turnover rates, and increased employee productivity – contributing to their bottom line.
Life insurance can be one of the most meaningful benefits in your compensation package.
Consider these four reasons to invest in your most valuable resource through group life insurance.
Gain a Competitive Advantage
- Enhanced Brand Reputation: Life Insurance is associated with security and care, so providing this benefit to your employees can help your company become known for these qualities. Prospective hires will expect this benefit from successful brands. It is a particularly impactful statement for businesses that operate in industries with high occupational safety risks (for example, transportation, construction, manufacturing, and healthcare).
- Attract and Retain Top Talent: To compete for the highest-performing employees, your company must offer one of the most common job benefits. Very experienced employees will consider life insurance essential since they are more likely to be older and have children. Even young, single employees can appreciate that, should they unexpectedly pass away, their nominee could use the sum assured as they see fit, for example, to cover funeral expenses or any outstanding debts.
- A More Productive Workforce: Group Life Insurance demonstrates that you value your employees and what matters most to them: their families. That can boost employee morale and loyalty. In addition, the extra financial security helps to ease employees’ general worry about the future. The result is greater focus on the job and increased output.
- Cost-benefit: Unlike most business expenses, the cost of insurance is a benefit, not a drawback. Premiums are tax-deductible for businesses. Plus, coverage for multiple people (your employees) costs less than an individual life insurance policy, so by offering Group Life to your employees, you are providing a benefit they might have been unable to afford otherwise. Group Life insurance is also very economically priced.
Find the Right Insurance Provider
Your insurance provider will determine whether your company ultimately receives an ROI from offering Group Life Insurance. When making a decision, look for these 3 essential qualities:
- Expertise: Only an insurer with industry knowledge and competence can be fully trusted to protect your interests.
- Customer Care: You will eventually have queries, problems, and unique needs regarding your policy. First-class customer support ensures that you, the policyholder, will receive solutions to any challenges.
- Claims Process: The true test of your insurance service comes when it is time to file a claim. What method does the insurance provider use to process claims? A technology-driven process, rather than a manual one, increases accuracy, improves efficiency, and reduces bureaucracy to facilitate speedy claims reimbursements.
Canopy is an innovative health & life insurance provider in Jamaica supported by two of the Caribbean’s largest corporations: the Musson Group and GraceKennedy Ltd. We believe in delivering top-notch customer care because we are a people-first company. Our Online Portals eliminate unnecessary paperwork and put you in the driver’s seat of your insurance.