CASE STUDY
Group Life Insurance
The Challenge
This manufacturing firm has been a client of ours for nearly two decades. The company management recognizes the importance of taking care of their employees and this was evident in how they selected their employee benefit offering. How could they offer an additional level of benefit that employees would appreciate without a large cost to employer?
The Approach
In reviewing different scenarios with management, it was decided that the company would offer new coverage. They elected to add Group Life Insurance in addition to their existing medical and disability coverage. While this new group life coverage was implemented at a minimal cost to the employer, this coverage was well received by both the young and older-aged staff.
The Recommendation
Unfortunately, in the past several years this benefit was needed for the families of two long time employees who died unexpectedly after brief illnesses. The process to claim the benefit was painless, and the extra monies at the time of death was very helpful to the employee’s family. One family elected to take an early withdrawal from the death benefit in anticipation of soon to be funeral expenses. Witnessing the impact of loss and financial burden on the family has raised the awareness and appreciation for this group life coverage.
*These results are for illustrative purposes only and should not be deemed a representation of future results. Circumstances, solutions, and/or results are based on specific facts tied to unique client situations. Favorable results cannot be guaranteed even in a similar scenario. Each specific set of circumstances will differ depending on client needs and profile. Actual results may be more or may be less than those shown. Past performance does not guarantee future results. This assessment is that of the writer, and not the recommendations or responsibility of Cetera Advisor Networks, LLC or its representatives.