Nearly 70% of U.S. workers believe having a strong benefits program at work is important,1 and workers who are very or extremely satisfied are nine times more likely to stay with their employer.2
Expanding your benefits plan is an easy and relatively low-cost way to differentiate your company in the market and to retain key employees. This article will discuss group whole life insurance and examine how it could be employed to potentially enhance your company’s benefit packages.
Financial Security
A solid foundation for financial security comes from planning for and living in retirement, paying for education, and preparing for the unexpected in order to provide care for loved ones and create a legacy. These foundational elements create holistic security for individuals and their families.
Financial security for your employees is also a strategic imperative and could impact the bottom line. Personal finances are a leading cause of stress,3 which can make someone up to 16% less productive at their job.4 For an employee who earns $50,000 annually, a drop of 16% in productivity equates to $8,000 in wages for which your company may not receive value.
Term Life Insurance vs. Whole Life Insurance
Life insurance can play a crucial role in providing financial security. The most common type of insurance is term life insurance offered by an employer. Group whole life insurance has received comparably less attention than other elements of financial security (e.g., saving for retirement through a 401k, IRA, or other investment vehicle; acquiring affordable health care; and saving for education), but it can be equally important. Planning for the unexpected is a core tenant of financial security, and whole life insurance is a prime tool for getting there.