In the wake of the nation’s current economic challenges, more employees are reevaluating their benefits and are looking to their employers to help them with their financial security. It may be surprising that in that same survey, 65 percent of employees say other insurance benefits (life, dental, disability, vision, etc.) are important factors to keeping them loyal. Offering your employees good benefits, including salary, health care coverage, and retirement incentives are key to retaining your top employees and in return, contribute to your firm’s success.
Your firm’s success relies on the talent, experience and dedication of your employees. Without them, your firm may not succeed—which is why most firms consider their employees to be their most valuable asset and it’s so important to consider adding benefits that help employees protect their future financial security.
In a recent survey, The Study of Employee Benefit Trends, conducted by MetLife in 2010, 47 percent of employers said that keeping their current employees is their most important benefits objective—ahead of containing costs and increasing productivity.
Term Life Insurance is a valuable employee benefit that helps employers maintains high employee retention rates. It provides an easy way to help your employees secure the financial security they seek but it’s relatively hassle-free for them to enroll—usually on a guaranteed acceptance basis.
Term Life Insurance also offers a variety of options as part of its overall packaging, including coverage choices (usually based on employees’ annual salaries) and additional features such as benefits for accidents, waiver of premium if disabled and partial benefits for terminal illness. In addition, Term Life Insurance rates are generally lower than other types of life insurance plans. Furthermore, when it’s offered on a group basis, rates are typically lower than one employee could find on his or her own.
If your firm is looking to add Term Life Insurance as part of your employee benefits package and you have at least two full-time employees working 20 or more hours a week and an owner, partner or officer is an AIA member, your firm qualifies for the AIA Group Firm Term Life and Accidental Death & Dismemberment (AD&D) Insurance Plan.
The members-only AIA Trust Group Firm Term Life Plan benefits your employees with a financial safety net for their family—while creating a loyalty incentive for your firm. Benefits of the AIA Group Firm Term Life Plan include:
- Tax-deductible business expense when your firm pays for your employees’ premiums.
- Affordable group rates based on AIA group buying power whether the firm pays the premium or employees contribute.
- Flexible cost-sharing with your employees.
- Two benefit options: one time (up to $50,000) or two times (up to $100,000) the employee salary.
- Guaranteed enrollment for each employee for up to $100,000.00 if your firm has 10 or more employees.
- Additional benefits available for accidental death (doubles the base life benefit).
- Includes waiver of premium if disabled and offers an accelerated benefit that pays partial benefits if an employee becomes terminally ill.
To secure this valuable benefit for your firm, complete an Employer Participation Agreement and have each eligible employee complete an application. Forms and details about this plan may be found on the AIA Trust website.
The Group Firm Term Life & Accidental Death and Dismemberment Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Policy Form GMR-ER, Group Policy G-11108-0/FACE. Complete details including features, costs, eligibility, renewability, limitations and exclusions are contained in the Certificate of Insurance issued to each insured.