Employers encourage employee loyalty and increase their ability to find competent candidates for all positions by offering desirable incentives. A common incentive is life insurance. Group Life Plans in Macon GA let employers hold the master copy of the insurance plan and determine the amount of coverage each employee receives while still allowing individuals to assign beneficiaries for their policies.
Paying for Policies
Employers have the freedom to establish how these policies operate. They can pay for the entire policy for their employees or offer a specific amount of coverage and allow employees to pay for any additional benefit they may want. Some employers insist that employees wanting to opt in must pay for the entire share of the cost. Employees will still usually benefit from this option because group plans typically have better rates than independently purchased life insurance policies. Enrollment is usually automatic for all employees if the group life plan is covered by the employer.
Choosing the Amount
The coverage amount for Group Life Plans in Macon GA typically matches the annual salary of the employee. Supplemental plans purchased by the employee are several times this amount and, unlike basic group plans, may require a physical exam. Employers also have the ability to select other coverage amounts if they prefer.
Offering Additional Protection
There are other options offered by Stone Insurance Agency Inc. for employers to consider in addition to basic group plans and supplemental insurance. Married employees or those with children may want to take advantage of dependent insurance policies to cover family members. These are usually paid for by the employee. Accidental death and dismemberment policies and travel insurance are other options employers may include or make available to employees to purchase on their own.
Most group plans require a business to have a minimum number of full-time employees to purchase the plan. The employer has the right, with some restrictions, to determine the types of employees that qualify for the insurance. This includes only insuring full-time workers, people that have been with the company for a certain period of time, and those making a specific minimum salary. Visit the website to learn more about insurance and who to contact to determine what coverage is needed.
