58% of workers said a life insurance benefit is very or extremely important to them or their families.1
58%
LIMRA and Life Happens; 2024 BEAT Study
Introducing:
Group Whole Life Insurance
Benefits Designed for Contractors.
Some construction companies offer group term life insurance.
But a reliance on group term life may be risky for your employees.
Group Term Life
- Not permanent and not portable
- Generally lost at termination and seldom continued by worker
- Less than 2% ever result in a death claim
- Builds no cash value
- Inexpensive at younger ages, but cost goes up each year
vs.
Permanent Whole Life
- Designed to provide protection for a lifetime, not just the period of employment
- Guaranteed death benefit
- Guaranteed cash value growth
- Level premium for life
- Dividend eligibility(160+ years of consistent dividends)
The Classic Win-Win.
Contractors can use fringe benefits to provide a more secure future for employees while also helping the business save money.
Nearly 6 in 10 workers with children under age 18 count on their workplace life insurance coverage to protect their loved ones, and delivering on this care can help to minimize your their financial stress and distractions at work. This has been proven to impact productivity.
Your company wins too — by using fringe dollars to fund the benefit, you minimize payroll expense and improve your margins.
*LIMRA.com Facts about Life 2024 Workplace Benefits
You may be thinking…
“I already offer a retirement plan, why does my team need whole life insurance, too?”
Permanent life insurance is not an alternative to a retirement plan, it’s an addition. We like to look at it as providing three pillars of financial security — retirement, health benefits, and permanent life insurance.
