Many employers offer group life insurance in Virginia. These plans are a convenient way to give employees the ability to provide financial security for their families should the worst happen. The employer purchases a master policy and issues certificates of participation to employees. Group life insurance plans have several advantages over other individual insurance policies.
Insurance providers often prefer to deal with group insurance plans. There is less effort required to managing the members on these plans, and providers are able to offer discounts to encourage enrollment. Because these plans are easier to administer than individual insurance plans, the members receive a greater benefit at a lower cost.
No Medical Exams
Anyone can qualify. There are no medical exams required prior to enrollment. This means that any employee can join the plan and receive benefits regardless of physical condition. Participation is guaranteed for as long as the employee remains with the company. In some instances, a policy can be continued even after an employee leaves the business.
Employers are More Competitive
Hiring qualified staff is critical to business success. Wages are often not enough to attract the top talent in the labor market. Employers need every advantage they can get. Offering their employees a high quality life insurance plan at a low cost is another incentive to attract qualified job applicants.
Conditions vary by state, but the policies paid for employers are often tax deductible. This helps to offset the cost of a benefits package while increasing the available value to employees.
Employers interested in offering group life insurance in Virginia are encouraged to contact an insurance professional for more information.