Life insurance for employees aims to protect the organization’s human capital employees and is one of the main benefits offered by companies. In this post, we will discuss the benefits of having business life insurance and why you should buy it.
Why buy life insurance for employees?
For an employee to feel satisfied within his work environment, he must feel good and safe. For this, it is necessary that the place is comfortable, pleasant, and conducive to the execution of their tasks.
Life insurance for employees, when contracted, should not be offered alone because when it is accompanied by other benefits, such as health and pension plans, and thus, they are usually better seen by employees.
Because of its importance, companies are incorporating employee AARP life insurance into their benefits package. This can happen by choice of the organization itself or because of agreements or collective bargaining agreements.
Life insurance for employees covers, in its coverage, both employees, partners, executives, interns, and outsourced workers.
How does employee live insurance work?
HR carefully analyzes all requirements when implementing the life insurance that the company will offer its employees because there are benefits that must meet the needs of the activity performed by them.
It is possible to hire basic coverage for cases of death, disability due to illness or accident, or others that cover serious illnesses or medical expenses, per diems for hospitalization or disability, among others.
For hiring to take place, the company must know the needs of its employees and understand what types of risks they are actually exposed to. Only in this way is it possible to select the appropriate employee life insurance.
In a Complete Package it must contain:
Emergency assistance: essential for employees traveling nationally or internationally for work.
Medical-dental expenses: can be used in case of accidents with the insured.
Early Life Award: in situations where the employee develops chronic or terminal illnesses, it is possible to anticipate the value of the compensation while still alive.
Temporary disability due to the accident: when the employee has an accident and is temporarily away from work, he/she may receive a daily income.
Funeral assistance: this service helps the employee’s family with bureaucratic issues and funeral costs in the event of death.
For HR to be able to hire specific insurance for employees, it is necessary to determine which employees will have the right and what type of coverage will be offered. Only after making these decisions will it be possible to look for an insurance company that guarantees that the chosen plan is well managed.
What are the benefits of insurance?
Corporate life insurance has several advantages for both the company and its employees, such as:
- It can be considered a very strong motivating factor for employees and their families, who can enjoy a social benefit;
- It helps to retain employees and reduce turnover, which influences the quality of service and reduces expenses with layoffs and new hires;
- Anticipates and prevents problems, reducing financial costs for the company;
- It is a differentiating benefit for the company to stay ahead of its competitors in the job market;
- It guarantees tax advantages for the payment of corporate income tax.
In addition to ensuring the safety of your employees, it can also provide excellent value for money for your business.
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With these tips, you already know not only how to get a quote, but you also know a little about the process of hiring life insurance for companies and, of course, the possibilities of use. Remember that this investment must be well thought out before, during, and after!
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