If one of your employees died tomorrow, would their Group Life Insurance be enough to cover their debts?
Chances are that their Employee Life Insurance covers one or two times their salary. Average house prices in Alberta, though, are over $400,000, and that's not to mention unpaid bills, child care, and final expenses like funeral costs and legal bills.
Term Life Insurance is an affordable way to fill in that gap. This Employee Term Insurance is a simple to understand life insurance plan for employees that guarantees that they will pay a certain rate for a certain period of time -- for example, 10, 15 or 20 years. It's a short term solution to what is often a shorter-term problem like paying down a mortgage or the cost of raising young kids.
At Capital Estate Planning, we can make this an easy part of your Group Family Health & Dental Insurance plan. As a Voluntary Benefit, employees choose whether or not they want Employee Term Insurance and how much coverage they need. We can even provide simple rate bands for you based on age, gender and smoker status. They contact us to sign up for Group Term Life Insurance.
- It doesn't have to be paid for or arranged by your payroll team
- If they want to make changes they can do so through us - little to no work for your staff
- We can consult with them on custom solutions as well as give them access to simple rate Group Term Insurance
- Unlike many Voluntary Group Life Insurance plans, if they leave your employment the insurance can follow them
For more information on setting up a Term Life Insurance on your company Voluntary Benefits Plan, contact us today!