group life insurance

Group Life Insurance and Disability Plans

Most group life insurance policies are purchased with the help of an employer. Offering this tax-deductible benefit to your employees can be more affordable in comparison to shopping for individual life insurance plans and a nice complement to group health insurance benefits. Anybody who has loved ones who rely on them for financial support, be it their spouse, their children, or other family members, should have some level of life insurance. In the event that the employee’s life should be cut short, the resulting financial hardship can be catastrophic to those left behind. Unresolved debts, monthly mortgage commitments, hospital costs, and funeral expenses can prove to be financially insurmountable.

With group life insurance, you can offer peace of mind at extremely affordable rates. Additional coverages can be added for accidental death and dismemberment. Faison Group makes providing life insurance benefits an easy and enjoyable experience. We offer two types of group life insurance, including:

  • Basic Life Insurance
  • Voluntary Life Insurance

Free enrollment, claims assistance, and other added benefits come along with your partnership. If you’re still not sure which group life insurance plans are right for your business, call one of our experienced agents for more information.

Group Disability Plans

If you aren’t sure about offering disability insurance coverage to your employees, consider these two facts:

  • Just over 25% of today’s 20-year-olds will become disabled at some point in their working life. [1]
  • An average non-smoking, in-shape employee that works at an office has a 21 – 24% chance of becoming disabled for 3 months or longer during their working career.

Disability doesn’t necessarily mean accidents on the job; rather the most common reasons for short or long-term absences from work are severe illnesses and cancer. As an employer, you have a vested interest in seeing your employees healthy and happy. If they are lacking disability insurance coverage during these challenging times of life, the impacts can ripple forward and affect future employment and their contribution to your company’s goals. Two types of disability insurance coverage exist:

  • Short-term disability coverage
  • Short-term disability coverage provides disabled employees with a specified percentage of pre-disability income — typically 60 percent — once their sick leave has been exhausted. The duration of short-term disability coverage varies but is typically not more than six months.
  • Long-term disability coverage
    Long-term disability coverage provides income to workers whose earnings are interrupted by lengthy periods of disability. Long-term disability benefits usually begin when sick leave and short-term disability coverage are exhausted, and typically replace about 60 percent of income.

Convinced yet? Disability insurance coverage can be very inexpensive when purchased in a group setting. If you’re currently offering a group health insurance plan, short term and long term disability coverage is a natural extension of voluntary benefits. Faison Group can help you decide which plans work for your unique situation, offering personalized and comprehensive coverage.