A company that offers life insurance as part of its employee benefits package is already one step ahead of the competition. Specialty benefits add value to a business and boost its ability to attract top talent. One study found 65 percent of employees who have group life insurance want additional coverage beyond what is offered by their employer. This is where supplemental life insurance comes into play. The Advantages of Supplemental Life Insurance Supplemental life insurance provides employees with additional coverage on top of their employer-paid life insurance policies. This is helpful in instances when the group life insurance benefit isn’t expected to be enough to cover the expenses or financial burdens associated with the loss of a loved one, like supplementing lost household income. A supplemental life insurance plan can protect participating employees and their families with monetary security knowing they have the necessary funds to augment income and cover expenses following death, including personal debts, medical bills and funeral expenses. More so than monetary security, supplemental life insurance plans are advantageous because they are a fraction of the cost of an individual policy. Our policies are available to spouses and family members, with some portable by converting to a whole life policy from a term policy; and have guarantee issue options. With guaranteed issue plans, an individual obtains coverage regardless of their state of health as there aren’t any medical questions or exams necessary. Additionally, a supplemental plan can be withdrawn from a paycheck directly, eliminating any billing hassle or worry. If you would like to know more about supplemental life insurance or its benefits, contact us at SpecialtyBenefits@bcbsm.com. Our team can help you fit these benefits into your business portfolio. You can find additional resources on specialty insurance in these blog posts: Businesses Find their Competitive Edge with Specialty Benefits Keeping Coverage Complete: Giving Insurance Benefits a Check-Up Photo Credit: Bruce Mars
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