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Employer & Employee Benefits

In these tough economic times every business does it’s best to keep expenses down, all the while trying to maintain the best employee’s possible. As an employer, you want to give your employees the best benefits possible and still remain profitable.

Group Term Life Insurance (GTLI) is becoming the most advantageous solution as a win-win proposition for both employers and employees.

Employer Benefits

Many employers cannot afford to extend annual salary increases to compensate employees for their excellent job performance. In today’s economic environment, employers are finding it more cost-effective to absorb the cost of providing GTLI benefits to their employees in lieu of providing each employee an annual salary increase. The fact is, GTLI is only a fraction of the cost of what employers would pay compared to providing each employee an annual salary increase….which could range in the tens of thousands or hundreds of thousands of dollars each year.

Not everyone can afford to protect their families with life insurance but as an employer you can help. For just pennies a day you can offer enough Life insurance coverage to provide peace of mind for your hard working employees.

Employee Benefits

On the other hand, employees want and need financial security for their families — a group life insurance policy from NetCare is one of the easiest and most affordable ways to help protect employees and their loved ones from financial hardships related to an untimely death.

The GTLI Death Benefit is non-taxable, employees could purchase Dependent Life Insurance to add coverage for their spouse and children, coverage for the employee is 24 hours per day, 7 days a week on or off the job. If the employee requires more coverage, they could purchase Supplemental Life Insurance coverage on themselves under the same GTLI policy. All these benefits are available at an affordable rate with the added convenience of having premiums deducted via the employee’s payroll allotment.

Group Term Life Insurance Benefits

A GTLI policy from NetCare offers all the features you expect, as well as these added benefits:

  • Waiver of Premium:
    Continues Life coverage without premium payments for employees who are totally disabled up to a specified age.
  • Accelerated death benefit:
    Allows insured employees with a life expectancy of less than 6 months to collect a portion of their life insurance benefit early.
  • Accidental Death & Dismemberment (AD&D) coverage:
    Provides extra protection for employees in the event of a covered accidental death or injury.
  • Dependent Life Insurance:
    Insured employees may purchase life coverage for their dependents, including spouses and eligible children, at group rates.
Coverage Plan Descriptions you can choose from:
  • Equal:
    All eligible employees receive the same amount of coverage not to exceed 2 ½ times their gross annual base pay.
  • Class:
    All eligible employees receive varying amounts of coverage based on their job classification.
  • Salary:
    All eligible employees will receive an amount equal to or multiplied by their gross annual base pay (ie. 1x, 1.5x’s, 2x’s or 2.5x’s annual base pay) not to exceed 2 ½ times their gross annual base pay.

About Group Term Life Insurance

Group Term Life Insurance is typically offered to employee as a benefit through their employer or membership in an association. It can be an important supplement to other insurance policies they own, at a reasonable cost.

Factors that distinguish group life insurance from individual insurance policies include:

  • Coverage:
    With GTLI coverage, an insurance company doesn’t look at the employee as an individual but as a group. So it gives employee’s that aren’t as healthy the chance to secure life insurance. This pooling effect allows insurance companies to insure people that they wouldn’t necessary insure if they applied as an individual.
  • Easy Payment:
    Convenient billing makes paying premiums painless. Employees don’t have to worry about writing out a check every month.
  • Coverage is often portable or convertible.
    When an employee leaves the group for whatever reason, he or she can often keep the coverage. Employee always has the option to convert his or her policy to an individual policy.

Why Buy Group Term Life Insurance?

What’s in it for Employers?
Group life insurance as part of a comprehensive benefits package should:

  • Help attract and retain high-caliber employees.
  • Retain employees by providing a benefit that helps protect their family’s future.
  • Strengthen your partnership with your employees and increase loyalty
  • Help employees protect and plan for their future financial security.
  • Group Life is a tax-deductible business expense.
Why is it so Important to Employees?
  • Life Insurance is important to their families.
  • Most are inadequately prepared to handle an untimely death: Most employees come from dual-income families. Even with two paychecks, most are just making ends meet.
  • Cost: Group Life insurance is far less then individual life insurance.
  • Insurability: Some of us are bit healthier then others. Because of this, some employees don’t qualify for individual life cover.

All Forms of Life Insurance
Group Health Insurance
  • Major Medical
  • Dental
  • Vision
Accident Insurance
Disability Income, Short and Long Term
Annuities (For Retirement)
Payroll Deduction Plans:
  • Life
  • Disability Income
  • Accident
  • Annuities
Pension Plans
Business Travel

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