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» Group Health Insurance » Life Insurance

Life Insurance

Woman crossing finish line vector Offering group life insurance can help improve your company’s recruiting, retention and morale. It is one of the main benefits workers look for during a job search, and providing even a basic policy can make your company stand out from the crowd. As a business owner or HR manager, you might want to consider offering this important benefit.

Types of Life Insurance Policies

Life insurance is a type of insurance policy that will provide a lump sum of money to an employee’s designated beneficiary in the event they pass away in exchange for monthly, quarterly, or yearly premium payments. There are several types of insurance you may want to offer your employees.

Term Life Insurance

A term life insurance policy offers protection at a set price for a predetermined amount of time. The holder can choose the amount of coverage and length of time, and their payments will remain the same throughout the duration of their term.

There may be the possibility of renewal at the end of the term, but the premiums may be higher at that point. This type of policy does not have any type of investment or cash value, and it may have a time limit.

Whole Life Insurance

A whole life insurance policy is the most common type of permanent life insurance. Its premiums are fixed and will not rise, and individuals might be able to withdraw the funds or take out a loan against the policy.

The death benefit it offers is guaranteed as long as premium payments are made. This means loved ones will know how much they can expect when the holder passes away and their life insurance benefit is paid out to them.

Universal Life Insurance

Employee choosing life insurance plan vectorUniversal life insurance is a permanent life insurance policy that covers the insured person for the duration of their lifetime, provided that they pay their premiums and fulfill any other applicable requirements.

This combines a savings component, or “cash value”, with lifelong protection, and it has a death benefit that will be paid to a person’s beneficiaries when they pass away. It may be possible to adjust the premiums and death benefit over time.

Variable Life Insurance

Variable universal life insurance is a permanent life insurance policy that includes flexible premiums, a flexible death benefit, investment variety and cash value. It offers lifelong protection as long as premiums are paid, and the cash value of the policy can be used to cover payments if an emergency leaves the holder unable to make them.

It allows a person to invest in sub accounts with various investment options tied to the financial markets. It is a good choice for those who need maximum flexibility and do not mind the risks involved in the investment aspect of the policy.

The Importance Of Offering Life Insurance To Employees

More and more employers are offering life insurance to employees to help them stand out to job candidates, and it is particularly attractive to employees with families as it provides peace of mind that a person’s heirs will have a financial cushion upon their death.

Contact New City Insurance For More Information

If you would like to find out more about offering life insurance to your employees, get in touch with New City Insurance for experienced guidance on this important decision. Please give us a call at 888.210.2759 or request a consultation online.

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Google Rating
4.9
New City Insurance
New City Insurance
4.9
Mary Jane Deyette
Mary Jane Deyette
00:57 11 May 20
Jeff Stoltey is so awesome...even thru my company had only two employees, he took the time each year to research and find the best plan for us. The only reason I am leaving New City Insurance is because we no longer have any employees. Thank you Jeff
Tricia DeYoung
Tricia DeYoung
19:49 13 Feb 20
I was very thankful I inquired about this info. with Brendan. He was very helpful so I understand the benefits available much better now. Thank you Brendan.
Alma Ortiz
Alma Ortiz
22:25 23 Feb 20
Brendan was awesome! I couldn't figure out how to pick my plan and he returned my call on a weekend to help me. Outstansing service!
B Bayer
B Bayer
17:43 24 Sep 19
NCI handled almost everything from start to finish. Clayton and Brendan made the plans easy to understand and walked me through the application process. They got me my ID numbers before my cards arrived so that I could keep an appointment I had already scheduled. My last broker wouldn't have done that. 5 stars!
jessica kavanagh
jessica kavanagh
19:53 13 Feb 20
Brendan was so helpful I definitely recommend him if you’re in need of good help and getting it done promptly. Thankyou so much again.
Jessica Lehr
Jessica Lehr
03:36 07 Jun 19
Our staff was interested in a health plan, but we didn't know how beneficial a solid employee benefits package would be for our business to expand. We'd lose prospective employees because they had more options for their medical insurance which was sometimes more valuable than more pay. The New City team was amazing and gave us as many affordable options as possible so that everyone had their needs met.
T W
T W
22:32 30 Aug 20
I love New City Insurance. I never had a good experience dealing with insurance brokers until I started working with Brendan. He’s awesome! He is patient with me and takes the time to answer all my questions. I’m very grateful for all his help and hard work!
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