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 consider their employees to be their most valuable asset. Offering your employees good benefits, including salary, health care coverage, and retirement incentives is key to retaining your top employees and in return, contributes to your firm’s success.
In a 2020 survey conducted by Prudential Insurance, 52% of employee’s said they would leave their job for the “right” benefits. The survey went on to detail that 77% of respondents find benefits to be a “key part of their compensation” – which is a 10% increase over the prior year. In addition, the survey indicated that health insurance is a top priority for 86% of respondents. It is now more important than ever that firms consider adding benefits that help their employees protect their future financial security.
Term Life Insurance is a valuable employee benefit that helps employers maintain high employee retention rates. It provides an easy way to help your employees secure the financial security they seek but it is 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 is 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 would qualify for the AIA Trust 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. Here’s how the AIA Group Firm Term Life Plan stacks up:
- 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.
- Affordable group rates based on the group buying power of the entire AIA membership, regardless of whether you choose to have the firm pay the premium or decide to elect the employee contributory option.
- Provides flexibility to cost-share this benefit with your employees.
- Additional benefits available for accidental death (doubles their base life benefit).
- Tax-deductible business expense if your firm pays for your employees’ premiums.
- 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. Find out more details about the plan and get application forms here.
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.