There’s no doubt life insurance can be a challenging field to navigate for your employees. The subject of death is enough to make this discussion uncomfortable. Add the confusing industry jargon and the infinite policy possibilities, and the dialogue seems much more unmanageable. We’re here to help you start the conversation with your employees by determining if they need life insurance. If your employees fall into one of the following five groups, they should consider some type of coverage.
1. Employees with Unpaid Loans & Debts
Numbers published by Experian in 2017 showed more than 75% of Americans are leaving behind an average of $62,000 in debt when they die. Mostly, the mortgage, credit card bills, and loan balances for automobiles, education, and personal endeavors don’t absolve their employees – they stay behind and force the family to pay up. If your employee owns a home or a business or has personal liabilities, life insurance can help clear their debts, so their next of kin doesn’t have to carry the burden.
2. Those Who Have a Home Mortgage
If your employee has a home listed as one of their assets, it could be one of the first targets for collectors looking to cover their debts. Opting for a term insurance policy to cover the years they have left to make their mortgage payments will ensure their family doesn’t have to leave their home during a time of grief.
3. Employees Who are Providers for Their Families
Running a household is expensive. Once someone has been laid to rest, their family will return to a home that still functions on grocery lists, utilities, and routine maintenance. Life insurance can help relieve some of the pressure caused by everyday costs by providing your employee’s loved ones with income replacement.
4. Those Who Want to Give Their Family Peace of Mind
Regardless of your employee’s net worth, life insurance can, at the very least, make their family’s life after their death less worrisome. Benefits range from paying estate taxes to leaving an inheritance to their loved ones.
5. Business Owners
This one’s for you! You’ve put a lot of work and money into your business, so putting protections in place for it in the case of your death should be no question. The right life insurance policy can pay off business debts, help heirs to the business pay off estate taxes, or fund a buy-sell agreement allowing a business partner to buy out your share.
If you’d like to learn more about life insurance options for your employees, The Grigg Group can help! Our experienced team of brokers can guide you through the entire process by learning about your needs, researching options on your behalf, and finding the most fitting plan for you, your business, and your employees. Contact us today by calling 704.333.3255 or filling out our contact form.
