Reasons To Provide Group Life Insurance and Group Vision Insurance in Wyoming, MI

 Every business entity needs to think of its greatest asset, which is human resources. Simply paying them a salary and allowing them to take a few days off as per the regulations does not keep the employee happy. The small business owners have to consider their valuable employees being poached by the bigger competitors in the industry, too. One of the best ways to retain talent and achieve success during recruitment is to provide employee benefits in the form of insurance coverage to the workforce. While there are many types of group insurance plans available to employers, it makes sense for them to provide both group health, along with group life insurance and group vision insurance in Wyoming, MI.

It is interesting to note that the employer can provide life insurance coverage to a group of employees or the entire workforce without having to sign separate contracts for each member. Instead, a single policy is sufficient for the employees who obtain the same coverage and do not have to undergo a medical examination to prove their eligibility. Some of the primary features of the group life insurance include the following: -

· Policy Holder- Contrary to an individual, it is the employer or the business entity that becomes the policy holder of the group insurance policy, despite the claims compensate the employees in the group. The employer retains the master contract, with the extent of coverage being shared with the employees.

· Guaranteed Issuance of the Policy- The most basic group insurance policy is issued to the group of employees without the necessity of a medical examination. The issuance is guaranteed and prompt once the employer shares the list of employees with the insurance company.  The employees are happy to be covered by life insurance despite having a preexisting health condition, which may hasten their death.

 

· Coverage Amount- The coverage amount is usually set at a flat rate, oftentimes twice or thrice the employee's salary.

 

· Beneficiaries- The traditional life insurance lasts for a lifetime, with the insurance amount paid to the beneficiaries after the death of the insured employee. Just like individual life insurance, the group insurance coverage also allows the covered employees to select their beneficiaries who are expected to receive the insurance amount after the employee is deceased.

· Supplemental Coverage- Most employers also provide the employees included within the group to buy additional coverage voluntarily for their dependents, such as spouse and children.

Employers who provide group life insurance may also provide group vision insurance in addition. The coverage usually includes the following, which is beneficial to the group of employees: -

· Routine Eye Exams

· Eyeglasses

· Contact Lenses

· Discounted rates for corrective surgeries

Conversely, the employer in question may go for another combination, such as group life insurance and group dental insurance in Kentwood, MI. The employees are happy to get preventive care that ensures wellness. This also results in low absenteeism and high productivity benefiting the employer as well. 

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