As you create a benefits package for the employees of your small business, you will probably consider things like health insurance and dental insurance. Many employers also offer life insurance as an option for employees. Group insurance discounts are available through some companies, and they offer a more affordable option for life safety than individual policies can offer.
In many cases, the idea of buying in bulk is an automatic way to get a lower price on the goods you want. The same idea applies when you shop for insurance. Insurance companies can offer a lower premium when several people purchase insurance as a group because it allows the insurance company to spread their payouts over a larger number of people. It is very unlikely that there will be more than one death in a large group of people at one time, so the insurance company can collect premiums from everyone and absorb the payout cost when one or two people die every few years.
Group life insurance discounts are available through most reputable insurance agencies. Depending on the number of people in your group and their average age and medical history, you may find that life insurance can be far less expensive than you expect. When you shop for life insurance, make sure that the policy you choose has all of the specifics you need. It is easy to find a cheap insurance policy – but it takes a little more time and effort to track down a low cost life protection policy that provides comprehensive service.
The internet is a great place to begin a search for group insurance discounts. Several websites are available that will compare the rates of different companies based on some simple information about your group. Make honest assessments of your needs and you should have no trouble finding the right coverage for you and your employees.
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