Business owners insure buildings, vehicles and more, but the most important asset for any business are the employees. Group Health insurance protects employees by connecting them with a network of doctors, hospitals and pharmacies and providing substantial healthcare savings.
A Group Disability policy is a single policy which can cover a group of all eligible employees and is often more cost-effective than individual coverage. Premiums may be paid by the policyholder (the employer) and deducted from payroll, known as a noncontributory plan, or individuals may pay all or a part of the premium to the policyholder, known as a contributory plan. In either case, the premiums are generally lower than individual disability plans because the larger the group, the smaller the risk.
Like other group policies, an Employee Whole Life plan is often less expensive than individual policies. Premiums are voluntarily deducted from payroll. One benefit to this type of coverage is portability, meaning individuals may opt to continue coverage even after leaving the company or retiring. An Employ Whole Life policy protects you long-term until death as long as premiums continue to be paid.