{"id":5155,"date":"2024-04-30T02:55:30","date_gmt":"2024-04-29T18:55:30","guid":{"rendered":"https:\/\/www.pacificprime.com\/blog\/?p=5155"},"modified":"2024-04-30T15:57:18","modified_gmt":"2024-04-30T07:57:18","slug":"offering-employee-life-insurance","status":"publish","type":"post","link":"https:\/\/www.pacificprime.com\/blog\/offering-employee-life-insurance.html","title":{"rendered":"What Companies Should Know Before Offering Employee Life Insurance"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Companies offering employee life insurance as part of their employee benefits package is an excellent talent retention strategy. A life insurance policy will help protect the employees\u2019 dependents from financial pressure when meeting outgoing expenses in the event of the former\u2019s untimely passing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this blog post, <\/span><a href=\"https:\/\/www.pacificprime.com\/\"><span style=\"font-weight: 400;\">Pacific Prime<\/span><\/a><span style=\"font-weight: 400;\"> will be going over employee life insurance for companies and what companies should know before offering employee life insurance as part of the employee benefits package.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class='code-block code-block-4' style='margin: 8px 0; clear: both;'>\n<p><button class=\"mo-modal-open\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4629\" src=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/SEO-Baner-Corporate.jpg\" alt=\"Corporate insurance banner\" width=\"1138\" height=\"493\" \/><\/button><\/p><\/div>\n<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is Life Insurance?<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-14220\" src=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance.png\" alt=\"\" width=\"1140\" height=\"495\" srcset=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance.png 1140w, https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance-300x130.png 300w, https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance-600x261.png 600w, https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance-768x333.png 768w, https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance-1138x493.png 1138w, https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/What-is-Life-Insurance-150x65.png 150w\" sizes=\"auto, (max-width: 1140px) 100vw, 1140px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Life insurance is a popular benefit for both employees and their employers. In the event of an employee\u2019s untimely passing, their dependents could be subject to financial stress when meeting outgoing expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a life insurance policy can protect them by offering a lump sum payout agreed between the insured and the insurer at the time the policy was taken out. Below are some common options for life insurance policies companies can offer:<\/span><\/p>\n<ul>\n<li><strong><strong>Group Term Life Insurance: <\/strong><span style=\"font-weight: 400;\">Term life insurance covers an employee for a specific term, in which a death occurring within the specific time frame is covered under the policy.<\/span><\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong>Group Accidental Death &amp; Dismemberment (AD&amp;D): <\/strong><span style=\"font-weight: 400;\">AD&amp;D provides benefits to an employee or their beneficiaries in the event of the employee\u2019s death resulting from an accident or one or more of their body parts getting severed.\u00a0<\/span><\/li>\n<li><strong>Business Travel Accident Insurance: <\/strong><span style=\"font-weight: 400;\">In case employees frequently travel overseas for business trips or conferences, these policies will provide coverage if an employee passes away while abroad.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How Does Employee Life Insurance Work?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Life insurance provides the beneficiaries (in this case, the employees\u2019 dependents) with a lump sum in the event of the employee\u2019s passing. However, this is only the case if the policy is in-force upon the employee\u2019s passing, meaning the required premiums were paid off when they were still alive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The beneficiaries can then use the money paid by a policy for whatever they\u2019d like, along with some of the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Living expenses previously covered by the insured employee\u2019s income<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Credit card bills, medical bills, mortgages, or car loans\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Funeral costs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">School and college tuition fees<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">What Does Employee Life Insurance Cover?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Life insurance usually covers all causes of death while generally excluding suicide within the first two years of the policy. Below are some general causes of death that a life insurance policy covers:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Motor accidents such as car or motorcycle crashes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Diseases<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Homicide (unless the insured is murdered by the beneficiary)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Old age<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">War or terrorism<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">What Does Life Insurance Exclude?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As mentioned before, most life insurance policies will exclude suicide, at least during the first two years of the policy. This means the company will not pay the beneficiaries compensation for the insured employee\u2019s suicide attempt within that time period.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Do Companies Need to Know Before Offering Employee Life Insurance<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Including life insurance in your employee benefits package will require some thoughtfulness to ensure the right level of coverage at an affordable premium for your budget. Below are factors companies need to keep in mind before offering employee life insurance.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Who Should be Covered?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Your company doesn\u2019t <\/span><strong>have to <\/strong><span style=\"font-weight: 400;\">offer life insurance to every single type of employee. Instead, you can offer employee life insurance to specific groups of employees, such as frequent business travelers, upper-level management, or those on full-time contracts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You also have the option of offering employee life insurance as part of a service benefit to reward employee loyalty.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What Coverage Should We Offer?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Understanding your company and the employees\u2019 needs matter when deciding between group term life insurance and its AD&amp;D counterpart. For instance, if your employees travel frequently for business outings, then business travel accident insurance will be more appropriate.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because this type of employee life insurance policy will cover an employee\u2019s untimely death or injuries sustained due to an accident while abroad.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What is the Right Benefit Limit for Employee Life Insurance?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Benefits are typically a set amount of compensation for employee life insurance, the premium of which can be calculated based on the employee\u2019s salary. Some group life insurance plans can be adjusted based on the insured employee\u2019s age.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The level at which you set the benefit and the way it\u2019s calculated will affect the premiums paid by the company. Thus, it\u2019s important to keep this in mind to ensure the sustainability of your employee\u2019s life insurance.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Should Employees Get Group Life Insurance or Buy Life Insurance On Their Own?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In some cases, life insurance payments are treated differently across various countries and jurisdictions, which can significantly impact the benefits that individuals will derive from the insurance policy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, it\u2019s worth taking the time to review how employee life insurance might play out in case of a claim and weigh it up against how the employees might benefit if they purchased a plan on their own.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Getting Expert Assistance With an Experienced Employee Benefits Partner<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When it comes to employee benefits, <\/span><a href=\"https:\/\/www.pacificprime.com\/\"><span style=\"font-weight: 400;\">Pacific Prime<\/span><\/a><span style=\"font-weight: 400;\"> is ready to lend you a helping hand as your global partner. We are here to offer comprehensive employee life insurance solutions alongside our services for other forms of employee benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are in need of guidance regarding employee benefits or life insurance solutions, Pacific Prime and our team of experts are more than happy to help you ensure all your employees\u2019 voices are heard.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have any further questions, please <\/span><a href=\"https:\/\/www.pacificprime.com\/contact-us\/\"><span style=\"font-weight: 400;\">get in touch with us<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class='code-block code-block-8' style='margin: 8px 0; clear: both;'>\n<p><button class=\"mo-modal-open\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4627\" src=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/PPCOM-B_Bus_01.jpg\" alt=\"Business insurance banner\" width=\"1138\" height=\"493\" \/><\/button><\/p><\/div>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Companies offering employee life insurance as part of their employee benefits package is an excellent talent retention strategy. A life insurance policy will help protect the employees\u2019 dependents from financial pressure when meeting outgoing expenses in the event of the former\u2019s untimely passing.\u00a0 In this blog post, Pacific Prime will be going over employee life &#8230;<\/p>\n","protected":false},"author":80,"featured_media":5156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1711],"tags":[1767,1735,1768,1445,1770,1444,1736,1544,1769,1765,1766,1564,967],"class_list":["post-5155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-benefits","tag-accidental-death-dismemberment","tag-ban_cor","tag-business-travel-accident-insurance","tag-company-insurance","tag-company-life-insurance","tag-corporate-insurance","tag-cta_cor","tag-employee-benefits","tag-employee-life-insurance","tag-group-life-insurance","tag-group-term-life-insurance","tag-hr-tips","tag-life-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Companies Should Know: Employee Life Insurance<\/title>\n<meta name=\"description\" content=\"Learn more about what companies should know before offering employee life insurance in this article by Pacific Prime.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pacificprime.com\/blog\/offering-employee-life-insurance.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Companies Should Know: Employee Life Insurance\" \/>\n<meta property=\"og:description\" content=\"Learn more about what companies should know before offering employee life insurance in this article by Pacific Prime.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pacificprime.com\/blog\/offering-employee-life-insurance.html\" \/>\n<meta property=\"og:site_name\" content=\"Pacific Prime&#039;s Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pacificprime\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-29T18:55:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-30T07:57:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.pacificprime.com\/blog\/wp-content\/uploads\/20180404_PPCOM_EBLifeINsBanner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1138\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Wish Sutthatothon\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Wish Sutthatothon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/offering-employee-life-insurance.html#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/offering-employee-life-insurance.html\"},\"author\":{\"name\":\"Wish Sutthatothon\",\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/#\\\/schema\\\/person\\\/37e5e9ff3f05405dee49596ae7b81021\"},\"headline\":\"What Companies Should Know Before Offering Employee Life Insurance\",\"datePublished\":\"2024-04-29T18:55:30+00:00\",\"dateModified\":\"2024-04-30T07:57:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/offering-employee-life-insurance.html\"},\"wordCount\":928,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/offering-employee-life-insurance.html#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.pacificprime.com\\\/blog\\\/wp-content\\\/uploads\\\/20180404_PPCOM_EBLifeINsBanner.jpg\",\"keywords\":[\"accidental death &amp; 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He creates and edits blog articles, guides, reports, webpages, and other types of digital content. He graduated with a Bachelor\u2019s Degree in Communication Arts, Media &amp; Communication major (concentration: Creative Content) from Mahidol University International College (MUIC). During the compulsory major elective period in the summer of 2021 and voluntarily during the summer of 2022, he also interned as a video and photo editor at Mbrella Films. He has experience working as an English Content Writer at a real estate buying\\\/renting\\\/selling platform in Thonglor. There, he crafted company blog posts on a multitude of topics. Topics include market trends, legal issues and disputes in property businesses, financial guides, expat guides, home insurance, home decoration and maintenance, and weekly real estate news quick-recaps. Occasionally, as part of the blog-writing process, he would also translate existing Thai blogs to English. 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