The unique role of group life insurance in your employee benefits package

Group life insurance may be your equivalent of “having it all.” You're striving for a more balanced benefits mix, but you don't have a lot of cash to make it happen. By working with Minnesota Life, costs associated with optional life insurance programs can be minimized. Group life insurance has several features that work well in a benefits mix that is responsive to employees' needs and circumstances:

Short and long-term financial security. Affordable group rates and flexible premium plans help employees safeguard their financial future during their working years. The buying power of a group helps them get the best deal for their dollar, and the structure of employer-sponsored plans helps makes the buying decision easier.

Guaranteed increases in insurance (without medical underwriting) whenever employees experience a life event or receive a salary increase helps them keep their insurance coverage in line with their needs.

Self administration keeps costs low for you while carrier-provided online self-service makes life simple for the employee.

Portability gives employees options when they leave the group. They can maintain a measure of security — a satisfier for employees — but they also pick up the tab, a cost reliever for employers.

Cash accumulation products give employees the option to supplement other savings plans through pain-free payroll deduction. A variety of plans that provide guaranteed interest rates, variable account options or both, help workers use the power of tax deferral to pump up their savings efforts and fill the gap between where they are and where they want to be financially. These are a few of the ways group life can help you solve the need for a more balanced benefits mix for employees.

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