Jonathan Roomer, Co-Founder, YuLife
Group Life Insurance has become one of the most popular benefits for small businesses. Whilst some offices are still shut and we move into a new hybrid way of working, many of the perks that were in place prior to lockdown don’t apply; employees are looking for more meaningful benefits that they can utilise whilst they work from home, rather than pizza Fridays and office ping pong tables.
How many of the following statements apply to you and your business?
- My people are now working from home more regularly and can’t use our existing benefits
- Now more than ever, I feel I have a duty of care to protect and support my employees
- It’s difficult to provide a cost-effective wellbeing programme that is engaging and fun
- Accessing medical support has taken way too long and been way too difficult
Company life and wellness insurance can help solve all of these issues. Below are four reasons showing how investing in life and wellness insurance (also widely known as group life insurance in the market) can help you and your company to thrive.
Cost, tax and medicals
Group life insurance is an insurance policy that provides all of your employees' families with a sum of money - normally a specified multiple of their salary - in the event of their death, taking away an extra pressure during a challenging time.
Small companies have been ignored by many of the largest insurers for years. At the same time, entrepreneurs, directors and CEOs of small companies have perceived group life insurance as being complex and out of reach. However, it has never been more accessible.
Costs and tax
A group policy is cheaper to take out than individual life insurance for a select group of your employees, and is the same price as subsidised office coffees. Group life insurance is also not classed as a benefit in kind, so there is no income tax placed on your employees for it.
As lengthy form-filling, medical checks, and quotes that are subject to wild changes are considered part of the process, a lot of us tend to avoid taking out an individual Life Insurance policy.
With group life insurance, providers offer an automatic acceptance limit which is rare within the personal protection space. Under a group policy, you are safeguarded with this level of cover without having to provide any kind of medical evidence.
These levels are generally quite generous, even for policies of 10 employees or less, making it an ideal for smaller businesses, too.
More benefits for less
Many insurance providers, YuLife included, have value-added extras, such as an Employee Assistance Programme (EAP) and access to virtual GP services included in their plans. An EAP offers help to employees in resolving personal problems that may affect work performance and can include anything from mental health issues and family stresses to legal assistance and in-office conflict mediation.
Having these included in their policies can save thousands (and extra paperwork) on providing a separate benefits package. These make it an ideal and meaningful perk that’s accessible for your whole team.
Retain the right people within your business
Employee recognition and appreciation is a great way to reduce staff turnover and ensure a more engaged workforce. A recent survey of 600 office workers, conducted by YouGov and YuLife, found that 87% are more likely to stay with an employer if the employer actively demonstrates a commitment to their wellbeing.
However, 26% of office workers feel that their employer doesn’t look after their wellbeing. Providing tangible benefits beyond pizza and beer on Fridays is a great way to address the disparity between those that want employer care and those that feel they have it already - you can show your employees that you care about them.
The need for protection and wellbeing benefits has increased as a result of the coronavirus pandemic, as one in four would now like Life Insurance, even more so than private medical insurance (PMI).
Offering group life insurance has become commonplace for a lot of businesses, as 56,000 policies had been taken out by the end of 2019.
Foster a company culture that centres on health and wellbeing
As your business grows, the opportunity is there to shape a healthy and engaging company culture for your employees that can be scaled up with your workforce. You can do this by implementing a health and wellbeing programme that makes employees feel included, loved and supported.
As well as giving them a peace of mind with life cover, you can mitigate the risk of illness in your workforce with healthy initiatives. With YuLife, you can have the added benefit of both a built-in EAP and access to the YuLife app that encourages and rewards healthy behaviours through daily challenges and a gamified experience.
So what does this mean for you?
Group Life Insurance has become one of the most sought after employee benefits. Taking out a policy has never been easier and it’s one of the most meaningful and inclusive benefits in the market right now.
Whether you’re providing a policy under a duty of care, looking to nurture a culture of wellbeing or wanting to retain your best employees, there are plenty of upsides to having a Life and Wellness insurance policy in place. YuLife Life and Wellness Insurance opens new doors for small businesses who don’t otherwise have access to the type of benefits typically provided by large corporations.
Click here to get in touch with the YuLife team and find out how we can help you protect what matters.