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Life Insurance Benefits
Benefits & Compensation
Life Insurance Benefits
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
I am starting to research offering this to employees. Do you have any insight to average cost - does the employeer pay - is this a normal benefit?
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Forums » Topic Forums » Benefits & Compensation » Life Insurance Benefits
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Life Insurance Benefits
posted at 7/25/2000 6:55 AM EDT
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Posts: 1
First: 7/25/2000 Last: 7/25/2000 |
We offer two times annual salary to all employees at company cost, with the employe having the option to purchase up to another three times annual salary. Cost on this will vary with age of employee and size of employee group. I suggest you contact several of the major life insurance providers (we use Prudential) and get quotes based on your demographics. In our area (Midwest), company paid life insurance is fairly common. |
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Life Insurance Benefits
posted at 7/26/2000 2:42 AM EDT
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Posts: 2
First: 7/18/2000 Last: 7/26/2000 |
From my experience this is a common benefit and very advantagous to both the employee and the employer. The employer does pay, but with certain plans, the employee can also contribute to receive more insurance. The rates are low due to economies of scale. In addition,the employer receives a tax deduction and the employee receives tax free coverage. I ran across a website at www.firstdoor.com that really does a great job of explaining this and other benefits as well. Good luck! |
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Life Insurance Benefits
posted at 8/21/2000 12:57 AM EDT
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Posts: 12
First: 8/21/2000 Last: 11/9/2000 |
This is an extremly common benefit. Don't overlook it's use to reward and retain key employees. You could set up seperate plans for them where they would have access to cash value in any insurance policy at retirement but that locks them up for a certain time period before they have access to it. |
Forums » Topic Forums » Benefits & Compensation » Life Insurance Benefits
