Employee Insurance Programs
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Employee insurance programs
Working at any organization, employees always wanted to have some perks that would give them benefits apart from what they earn weekly or monthly. Insurance is considered to be very worldwide as small organizations need to offer some perks for competing with other well-established competitors. Not only the small and new business perks or additional benefits are important but at the same time, these are important for top competitors as well for retaining talented employees. Insurance is being viewed as the main benefit or perk that becomes the reason for making the employees stay. In the United States, workers compensation is the most amenity that they need to purchase for their employees. Benefits seem quite valuable and motivate the employees to attain a position in the company so that they could enjoy these perks and benefits.
Term life insurance
Different types of insurance programs are there and one of them is term life insurance. Term life insurance is also called as pure life insurance. It is the life insurance that is about the payment of a stated death benefit during a specific period. In this program of insurance, the insurance can renew the contract of the insurance if it gets expired once or he/she may also convert it to permanent policy coverage and it depends on the policyholder if he/she wants to terminate that insurance policy. Three different types of life term insurances are there and each has its benefits or advantages. In term life insurance, an organization provides benefit to the holder that if he/she dies during the tenure of the policy, his family would be paid the decided amount.
Advantages of Term life insurance
It is the insurance program that permits the person to acquire greatest death benefits among all, at the lowest premium at the time of issuing the policy. It wont be wrong to say that it is also the best alternative if the employer wants to give his employees all the temporary life insurance needs. Term life insurance proves as the best alternative for policy protection needed for less than ten years (Fan et al, 2019). It would give the best cashback value for the holder. As far as the young employees are concerned, they would acquire substantial face amounts of the coverage at relatively low immediate costs that may be at much more than their immediate needs so it assures them of the necessary level of the coverage when their needs exceed even when they are uninsurable at that time.
This policy has the conversion features such as it is convertible and renewable allowing the policyholder to enjoy death protection that they may otherwise afford or lock in their premiums. It also enables them to have more cash values if their premium paying ability increases. It provides them a completed package as it has special protection, affordability needs and saving facilities for the employees who would be offered with term life insurance. Life insurance proceeds could be paid to the beneficiary without making any delay that sometimes is caused by the estate. An amount that would be paid would not be subjected to any federal income taxes. No inheritance taxes are applied to death benefits as well. Insurance policies could be used as security for the personal loans but in some cases, the lenders would prefer permanent types of insurance policies (Giddens et al, 2019). A policy may be considered sufficient only when the borrower in good credit condition and there are more chances of the loan paying unless the policyholder dies.
Universal whole life insurance
Whole life insurance is another simple form of cash value insurance that has both investment and protection components. The investment component ensures that the individual would accumulate cash that he/she could withdraw. The whole life of the policyholder is covered under whole life insurance (Abraham, 2019). Death benefits are also paid that the family would get premiums at the death of the policyholder. In this type of insurance policy, payments are not flexible. On the other hand, universal life insurance also known as adjustable life insurance allows flexible payments. It allows the policyholder to change (increase or decrease the amount) death benefits along with offering freedom for paying premiums at any time after the premium is ended.
Advantages of universal and whole life insurance
This fact cannot be denied that both the universal and whole life insurance have advantage accordingly. The advantages of the whole life insurance include level premiums that never shuffle throughout life until the end of the policy. Another appealing advantage of this insurance policy is that the policyholder could avail of the benefits in his life as one could use accumulated cash anytime. It also provides longtime protection that cannot outlive unless one of the timely making payments. While on the other hand, in the case of universal life insurance, policyholders have the flexibility of changing the amount of payment that they make. They could increase or decrease the amount of the payment. Universal life insurance also has the advantage that one could borrow the cash during a lifetime. It offers permanent life insurance protection as well as access to the cash value.
Accidental death and dismemberment insurance (ADD)
It is one of the best riders of health insurance or life insurance policy. This insurance policy covers the sudden or then unintentional death or dismemberment of the policyholder. Dismemberment in the view of this policy means the loss of organ or loss of function of any body part that was once functional (loss of organ or loss of the function of limbs, hearing ability, eyesight, and speech, etc.). It is important for the buyer to carefully read the policy before buying as this insurance has coverage limitations.
Advantages of Accidental death and dismemberment insurance (ADD)
Central advantage of accidental death and dismemberment insurance that appeals the most is, policyholders need to pay many low premiums as compared to any other insurance. This seems to be the most appealing factor for the policyholders. Especially, ADD is cheaper than term life insurance. It pays for several disabilities as well and is not limited to just one or two impairments. ADD is more fascinating for the employees who are at the risk of dying from an accident rather than any illness (Authority, 2019). It also helps in the recouping of some of the lost income if one loses his/her limb, hearing or sight. It is mainly appealing for those employees who put more physical efforts at their workplace. There is another advantage of ADD that is double indemnity as it could give double benefit to policy holders beneficiary then death benefit and this feature makes this insurance program better than the rest. It provides peace of mind to those who take this policy.
Long and short disability insurance
It is the type of insurance policy that protects the employees from any loss of income if the employee is unable to work because of any illness and injury. Even this insurance policy protects the employees in case of their accident as they are unable to work for a long time. Long term disability causes the employee to miss his/her work for around 2.5 years and this could severely damage the familys financial condition of the policyholder. Long and short-term disability ensures that the employee would still get some of his/her income if one cannot work due to illness or accident. Short term disability refers to temporary illness while long term disability includes absence from the workplace because of severe illness, injury or accident.
Advantages of the long and short-term disability
There are several advantages of this insurance program but one of the most prominent advantages is that in the case of short-term disability, employees would be given a replacement of around 80 while in the case of long-term disability, there would be an income replacement up to 60. Another most notable element of this policy is that with the lower coverage of disability amount, the employer would have to pay low cost of the policy but it depends on how much income one needs to get in case of illness, injury and accident so accordingly one has to pay for the policy (Si, 2019). Long and short-term disability provides financial security to the employees. It also saves them from stress and helps in rapid recovery.
Both long and short-term disability insurance would be having advantages accordingly. Short term disability insurance covers employees and protects them from any financial loss for a short period. It also helps them in having some financial support so that they could get themselves treated in a better way. Another major advantage of this short-term disability insurance is that in this policy that it gets activated within two weeks when the employee gets disabled and the employee gets of almost 100 percent of his/her salary as the first payment of the policy.
On the other hand, it could be seen that long-term disability insurance protects the employees starting from six months to 2.5 years. One of the main advantages of this insurance program is that in some cases the employees get the benefits until 75 years. another benefit of this policy is that a person who got disabled for a long time would have mental peace about his financial condition as one would be getting 60-70 of his/her income. Long term insurance policies have additional options that work best in favor of the disabled employee.
Taking a look at the above discussion, it could be said that there are several types of insurance policies that attract both small and medium enterprises to offer perks such as medical insurances to the employees. Organizations are being given a variety of choices so that they could pick any insurance policies so that employers could choose an insurance policy that suits them. Health, medical, illness and death benefits are the perks that every employee wishes to have as it protects them and their families. Some insurance policies are there to safeguard and prevent financial loss of the employees if they got injured or ill during their job. So, a whole, it could be promulgated that insurance policies serves as best tool for motivating and retaining employees.
Abraham, J. M. (2019). Employer wellness programsa work in progress.Jama,321(15), 1462-1463.
Authority, S. C. P. E. B. (2019). 2019 insurance benefits guide.South Carolina State Documents Depository.
Fan, E., Lien, H., Ma, C. T. A. (2019). Uterus at a price Disability insurance and hysterectomy.Journal of health economics,66, 1-17.
Giddens, L., Gonzalez, E., Leidner, D. (2019, June). Unintended Consequences of Wearable Fitness Devices in Corporate Wellness Programs. InProceedings of 2019 on Computers and People Research Conference(pp. 4-4). ACM.
Si, W. (2019). Public Health Insurance and the Labor Market Evidence from Chinas Urban Resident Basic Medical Insurance.
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