Unfortunately, many entrepreneurs rarely understand how offering employee benefits also helps the company. Keep reading to discover how great benefits are the key to retaining your most successful team members! 

Understanding Why Employee Retention Is So Important 

Most of our guide will cover various group insurance benefits and how they can help you keep workers. Before that, you need to understand why retaining workers is so important: Retention helps to save money, boost productivity, improve morale, and develop employee skills. 

Let’s take a closer look at how simply offering a group insurance package can be such a game-changer for your company. 

Saves Money 

As you might imagine, the primary reason employers hesitate to offer a group package is because they worry about the added costs. However, the surprising truth is that providing things like life insurance can save your business money by reducing the costs associated with turnover and hiring new workers. You’ll also cut down on the costs of training new staff, and you can reinvest those resources into the business. 

Boosts Productivity 

Once you become the big boss, you realize that “human resources” is quite accurate. You spend your time and energy trying to improve worker productivity as much as possible. Offering a benefits package helps boost productivity because the workers who stick around longer will become more comfortable with their job, colleagues, and clients — which makes them infinitely more productive than new workers who keep coming in through a revolving door and burning out in less than a year. 

Better Morale and Better Employees 

One of the best benefits of keeping employees is improving worker morale. Sometimes, this results from workers responding to the insurance and seeing how much you care about their well-being. Other times, it’s about those who stick around to get to know each other and develop better team cohesion. As a bonus, workers sticking around for longer develop more skills, which helps your company grow. 

We’ve looked at why you need to focus on worker retention, so let’s now see how offering great employee benefits is the best way to retain your best staff. 

Benefits: The Easiest Way to Show Employees You Care 

Think about the psychology of the average worker and how offering an insurance package may affect them. What makes the difference in whether someone sticks around or starts updating their LinkedIn? Usually, it all comes down to whether the worker thinks their boss cares about them. 

There are many ways to show you care, including some you always have control of (such as throwing office parties) and some you don’t always have control of (such as offering regular raises). But by providing things like health insurance, you show your team you care about them in a powerful and tangible way, which causes them to stick around much longer than they otherwise would. 

The COVID-19 Pandemic Changed Worker Expectations About Benefits 

While health and dental insurance have always been important to workers, they have become that much more important after the COVID-19 pandemic. That is because the pandemic has changed (perhaps permanently) employee expectations concerning their health. 

The pandemic has made countless people reevaluate how they care for their bodies. By now, almost everyone knows at least one person who has died of COVID, and the average worker has become much more concerned about caring for themselves as they grow older. Offering insurance shows you are just as committed to your employees’ health as they are, helping you keep them for much longer. 

Less Turnover with Benefits

It’s an open secret that offering benefits helps prevent turnover, but you might be surprised by how dramatic the difference can be. For example, 66% of employees examine the benefits provided by their businesses before deciding whether they will stay or start applying to other places. 

Make no mistake: Turnover is one of your business’ most significant obstacles. Turnover accounts for a staggering one trillion dollars in costs for American companies annually. By fighting turnover with substantial benefits, you get a stronger workforce at a lower price, and that’s a real “win/win” in any book. 

Benefits Packages Boost Retention While Helping You Beat the Competition 

Your workers stand to gain a great deal when you offer generous insurance packages. However, it’s fair for an entrepreneur to ask, “What’s in this for me?” While we have covered many upsides to offering things like dental and disability insurance, here’s one you might not have realized: Offering benefits is your secret weapon against your competitors. 

Workers are resigning from their jobs at record rates. Those who stick around do so mostly because they believe their employer cares about them. Those applying to other places may focus on companies that offer benefits their previous job did not. By providing a solid benefits package, you retain employees who appreciate what you do for them. 

In this way, you get the edge over the competition even as you give your workers the insurance they deserve. 

Get the Best Employee Benefits Today! 

Now you know how and why an incredible benefits package helps improve retention. But do you know where you can find the coverage your team deserves at the best possible price? 

At InsureOne, we’re here to help you retain employees. To discover how we can help with retention and more, get a quote online, call us at 800-836-2240, or visit one of our nearby offices today! 

What Are Voluntary Worksite Benefits? 

Voluntary worksite benefits are special employee benefits you offer to workers, usually as insurance coverage. This might include things like health insurance, dental insurance, vision insurance, and life insurance. 

Offering workers these kinds of supplemental insurance has many advantages, but it also has some drawbacks. Keep reading to learn more about both so you can make the most informed decision. 

Pro: More Competitive Job Applicants 

One of the biggest benefits of offering this coverage to your workers is that it helps you market yourself to prospective employees. Subsequently, you create more competition for the position and ultimately get better applicants than you would have before. 

Why is that? Imagine two businesses offer roughly similar salaries for the same job. All things being equal, workers would typically apply to the one offering more benefits. In this way, you can get better – and more – applicants. 

Con: Added Costs for You 

The most obvious drawback to offering voluntary benefits is that it’s an added cost for you. While the supplemental coverage is more affordable than most people imagine, it’s still an added cost you otherwise wouldn’t be paying. 

For most businesses, that’s the elephant in the room: whether to take on an added cost or not. By studying the rest of the benefits, you can better understand whether those added costs will be worth it. 

Pro: Increase Employee Job Satisfaction 

One thing every good boss cares about is employee job satisfaction. Even if you don’t naturally care about workers out of the goodness of your heart, it’s a well-known fact that more satisfied workers will work harder and be less likely to leave (more on this one later). 

And offering most kinds of supplemental insurance is an easy way to increase worker satisfaction in a real and measurable way. That’s because, at the end of the day, job satisfaction mostly comes down to whether or not employees believe their bosses care about them or not. Extra perks show you care, and employees who understand this will be happier and work harder. 

Con: Communication Is Key 

When you begin offering voluntary benefits, it’s a calculated risk. You’re paying extra money to offer your workers some awesome bonus coverage they didn’t have before. But whether they embrace this coverage or not comes down to how well you communicate with employees. 

Most of your workers aren’t going to understand the true value of what you are offering (such as the value of dental coverage) until you explain it to them. If you have sometimes struggled with employee communications, you may find this difficult. But with a little effort, you can convince your employees to embrace this exciting opportunity. 

Pro: Fewer Employee Callouts 

The real enemy of your workplace productivity will always be workers calling out. Everyone needs to miss work occasionally, but every callout cuts into your ability to meet your various KPIs each quarter. 

But here’s something you might not realize: Voluntary benefits help you with leave management because fewer employees will call out. Employees who feel valued by their employers are less likely to take days off. By creating an environment where workers are happier and not calling out as often, you can ensure that everyone wins. 

Con: You Risk Offering Benefits They Don’t Care About 

Strictly speaking, the exact supplemental coverage you offer is up to you. This means there is always a risk, however small, that you might end up offering coverage that employees don’t care about (for example, if your main benefit is vision insurance and very few workers wear glasses, they may not see the value in this). 

If you’re offering multiple kinds of coverage or more substantial insurance such as health coverage, this is less of an issue. But if you’re worried about employees not engaging with the benefits, you can always survey current workers to ask what kind of supplemental coverage they want. This helps you get the coverage they care most about while making sure that workers know you paid attention to their requests. 

Pro: Boost Employee Retention 

We have reviewed how these voluntary benefits make workers more satisfied, less stressed, and less likely to call out of work. This brings us to something every employer should care about: Such voluntary coverage helps boost employee retention in a big way. 

Retention is important for many reasons, including the fact that it is always more expensive to hire someone new than it is to retain your existing talent. In this way, voluntary benefits will soon pay for themselves, and they’ll also help you retain rockstar employees and keep your edge over the competition. 

Get the Best Voluntary Worksite Benefits Insurance Today! 

Now you know the pros and cons of these voluntary benefits. But do you know where you can get the best voluntary coverage for your employees? 

Here at InsureOne, we specialize in helping entrepreneurs like yourself provide the best coverage to workers. To discover how we can help you increase job satisfaction and worker retention, come get a quote online. Alternatively, you can give us a quick call at 800-836-2240, or visit one of our nearby offices at your earliest convenience! 

Let’s take a closer look at what a wellness program is and how it can benefit your company and your employees.

What Is a Wellness Program?

A wellness program is a structured way for you to help your employees be healthier. While they used to be primarily in big corporations, even medium and small businesses are getting into the mix. That’s because setting up a program is an easy way to earn your employees’ respect and trust.

Fitness memberships, social support, weight-loss programs, diet plans, and even massage therapy are all examples of robust programming in an employee wellness program. You can choose to be as thorough and comprehensive as your budget allows. If you don’t have a big budget, you can even do small things like starting a lunchtime walking group, providing healthy snacks in the breakroom, or encouraging workers to take the stairs. The goal is to inspire your employees to be healthier while giving them the tools to do so.

Keep in mind that 75% of employees accept a job because of the benefits. So crafting a benefits package that attracts and retains workers is key. Keeping wellness as a primary focus for your workplace is a way to do just that.

Benefits of a Wellness Program for Employers

Running an employee wellness program isn’t just about giving back to your workers. It can have a lot of direct benefits for your company as well.

1. Reduce Health-Related Time Off

The most significant benefit of an employee wellness program for employers is that workers will be in the office more. Because they’ll be eating healthier, working out, and improving their mental health, they probably won’t need to take as many sick days.

Absenteeism is a big problem for companies, costing employers $225.8 billion annually in the United States. That works out to about $1,685 per employee. It might not sound bad, but it can quickly add up, especially if you have a lot of workers.

When an illness forces them to miss work without notice, it can drastically reduce productivity and put a strain on the rest of your team. A wellness program can avoid all of this, so your workers only take PTO during scheduled times.

2. Improve Workplace Productivity

When employees are happier and healthier, chances are they’ll be much more productive. Working out and eating healthy can provide more energy and mental focus, making it easier to accomplish tasks and work through difficult projects.

Some workers may also feel the need to come to work when they’re sick. This is especially true in high-pressure jobs with lots of deadlines. Unfortunately, this can be even more costly than staying home. It’s estimated that employees who work when they are sick accounts for about 60% of the total cost of worker illness.

The most productive workers are the healthiest!

3. Improve Employee Recruitment (and Retention)

These days, employees aren’t just looking for a paycheck. Many of them are considering the additional perks a job can give them. In addition to providing extras like dental and vision insurance, you can also offer an employee wellness program to show that your company is a great place to work.

This is especially true if you can’t compete with salary expectations in your industry. In some cases, employees may be willing to take a slight pay cut for more comprehensive benefits. Knowing that they’re working in a place that values and respects their wellbeing is enough to get the attention of top candidates.

And once they see how great your program is, they’ll be more likely to stay on for the long term.

4. Curate High Morale

There’s something to be said about making employees feel valued. When you do, they’ll not only kick their productivity into high gear, but they’ll inspire everyone else to as well. Employee morale is a big player in establishing the work environment at your company.

Having high morale isn’t just good for productivity and workplace relations – it’s also good for your B2C interactions. If you’re trying to forge relationships with new clients or investors, they’ll love seeing that your company is so high-energy and efficient.

5. Improve Workplace Relationships

As we already mentioned, a wellness program can make employees happier, more focused, and even in a better mood. Naturally, this should mean they’ll also improve their relationships with their coworkers.

But beyond just working, employees will also have the chance to bond through wellness activities. As an example, a walking group that gets in steps during lunch is a great place to socialize and get to know one another. You might even start a friendly rivalry by having a weight loss competition.

6. Help Employees Choose Healthier Behaviors

The road to being healthy is not a simple one. Employees may need to completely alter their lifestyle to get where they want to be. Luckily, your employee wellness program acts as a series of stepping stones for them.

The best programs will teach and encourage them to not eat fast food every day for lunch, get 30 minutes of activity every day, and even drink more water. They’ll have all the tools they need to work on their personal development (not to mention the professional development you provide them during the workday as well).

7. Reduce Healthcare Costs

You should be providing your employees with great medical benefits – after all, it’s the most common type of employee benefit. But even top-notch medical plans don’t cover everything. The good news? When employees are healthier, they won’t have as many healthcare costs.

One study found that for every dollar spent on wellness programs, medical costs fell by about $3.27. That’s a huge return on investment, especially when you consider just how much it could mean for an employee struggling financially.

8. Reduce Stress and Anxiety

When employees don’t have a chance to blow off steam, it can affect their mental health. They may begin to feel worn down or even burned out.

Employee wellness programs can give them the tools they need to manage their stress and anxiety to feel better on and off the clock. For example, you may host a yoga class workers can attend or even have a breathing specialist come in and show them how to breathe deeply when things get rough. All of this will help their stress melt away.

9. Decrease Disease Risk

Working in an office is linked to a number of health issues, including obesity, back pain, and even heart disease. That’s because workers are mostly sedentary and hunched over a desk all day.

But when you start focusing more on wellness, your employees may be able to lower their risk of certain diseases. And if you offer preventive screenings at the workplace, employees may even be able to catch specific problems before symptoms begin. For diseases without a lot of signs, like high blood pressure, this could save their life.

10. Make Workers Happier to Come to Work

At the end of the day, you don’t want employees counting down the seconds until the clock strikes 5. It’s always best that they love what they do and are happy to be in the office. A wellness plan might give them just the motivation they need to enjoy their job again.

Exercise can release endorphins, which naturally boost a person’s mood. Eating well and drinking water can also improve their mood. Add in the comradery your employees will form after bonding in the wellness program, and you’ll have a workplace culture that is fun, energetic, and content.

Give Your Employees the Wellness Benefits They Need

In today’s world, a wellness program is a must for any company that wants to stay competitive. And as you can see, you’ll reap far more than you put into the program.

Of course, a wellness program is just one part of the benefits package. Your employees will also need affordable medical, dental, vision, and group life insurance.

That’s where InsureOne can help. We offer affordable employee benefits insurance to give your employees peace of mind. Learn more about our coverage by calling us at 800-836-2240 or get your free employee benefits quote today!

If you want to boost recruitment and reduce turnover, the answer is simple: You need to build a better benefits package. Read on to discover how to build a competitive benefits package for 2021 and beyond!

Why Is the Benefits Package So Important?

If you’re still on the fence, you might be asking a simple question: Why is the benefits package that important?

You might be surprised to learn that about 75% of employees accept a job primarily because of the benefits. While salary is an important consideration, most employees are focused more on getting things like health insurance coverage for themselves and their families.

The main thing to keep in mind is that improving your benefits package is a powerful way to recruit better employees and keep them around for a long time.

Different Generations Lead to Different Needs

Your workplace most likely includes employees from many different generations. For example, you might have some fresh-faced “zoomers” working alongside Baby Boomers. Between these two extremes, you likely have a few millennials and members of Generation X.

Each generation has its own lifestyles and its own priorities. That means each generation has a different “wish list” for what they want from a benefits package. Traditionally, this makes it difficult for employers to create a benefits package that makes everyone happy.

That’s the bad news. The good news is that there are a few benefits that have universal appeal across different generations. And we’re going to focus on such benefits in this guide to maximize your employee recruitment and retention efforts.

Better Benefits Pay for Themselves

If you’re not ready to “pull the trigger” on a better benefits package, you probably have a simple concern: the cost. Many businesses (especially small businesses) imagine that they can’t afford to improve the benefits package.

The reality, though, is that you can’t afford to improve the package. In certain industries, turnover is as high as 40%. The cost of replacing a trained and experienced employee may be equal to two times their annual salary.

At this point, the math speaks for itself. If you have more turnover than you’d like, then you are constantly spending too much money recruiting and training new employees. By offering a better benefits package, you can actually save money by retaining employees. You can save time, allowing upper management to focus on expanding the brand and growing the business.

Competitive Health Coverage

As we touched on above, it isn’t easy to create a one-size-fits-all benefits package to appeal to all of your workers. This is why we recommend offering several different health coverage options for employees. On the most basic level, this lets employees decide whether they need less coverage (often favored by younger workers) or more robust coverage (often favored by older workers).

Employees of all generations generally favor health coverage that is sympathetic to pre-existing conditions. Otherwise, someone with an old injury or other health condition may live in constant fear of either losing their job or getting stuck with a staggering medical bill.

Beyond providing multiple options for health coverage, most employees respond very favorably to extra perks. For example, offering free gym memberships to your employees may soon pay for itself because you are creating a healthier workforce. Similarly, you can offer wellness programs that lower health insurance costs if employees pass regular health assessments.

Don’t forget: the best health coverage includes options for dental and options for vision insurance!

A More Flexible Schedule

Sometimes, the best benefits in a benefits package are the simplest ones. For example, one thing that most of your current and future employees love is having a more flexible schedule.

This is actually more attractive to employees now than ever before. The COVID-19 pandemic forced many employees to work from home. These employees discovered how much happier they were even as their employers marveled at their work-from-home productivity.

It’s been previously reported in Harvard Business Review that 80% of employees would pay special consideration to a job that lets them work from home. That number has likely gone up since the COVID-19 pandemic, especially if the employees have kids.

Now, letting employees work entirely from home may not be possible for your business. But you could possibly offer schedules where employees work “extra” Monday through Thursday and enjoy regular three-day weekends. Or you can let employees work remotely for part of the time and the rest of the time in the office.

Some employees respond positively to the option of a “split shift.” This means allowing them to work some in the morning and some in the late afternoon or evening. This option makes it easier to visit the doctor or take children home from school without taking time off or otherwise disrupting their workplace productivity.

Generous Options for Time Off

Offering generous PTO options to your employees tells them you value their work/life balance and understand they have full lives outside of the office.

For example, we recommend offering separate pools of vacation time and sick leave. Not only does this functionally give your employees more time off, but they don’t feel like they are “wasting” valuable vacation days when they need time off to go to the doctor.

One of the best things you can add to your benefits package is a generous parental leave policy. Such a policy would allow the parents of a newborn child to take a certain amount of time off (like 4-6 weeks) to bond with the newborn and make infant care arrangements (such as getting the right insurance).

It’s also important to offer bereavement leave for employees. This usually offers a shorter window of time (such as a week) to allow employees time off to attend funerals. In the event that a close family member dies, this form of leave also gives them time to travel, make arrangements, and process their own grief.

While this isn’t tenable for every business, one of the most generous forms of time off you can offer employees is a leave of absence. Basically, this is a time off for a certain length (usually one month or more) that employees can use for unique situations. For example, if an employee is injured but does not yet qualify for disability, a leave of absence can give them time to potentially heal and make lifestyle adjustments.

Retirement Options

Employee retention is always a major focus because of employee turnover. But if you ask most employees, they would prefer to stay at their current workplace so long as the pay and benefits are satisfactory.

One of the best ways you can persuade employees to stick around is by offering generous retirement options. It’s really just cause and effect: By getting employees to focus on the positive retirement you are offering them, you can get employees to stay rather than search for better benefits somewhere else.

While pensions are increasingly rare due to their high costs, a pension plan is one of the best ways to recruit and retain employees. In addition, this gives your workers the peace of mind that comes from knowing their retirement is not tied to the ups and downs of the stock market.

Most employers prefer to offer some kind of 401k to employees. For purposes of recruitment and retention, you should consider matching contributions up to a certain point. This may include things like matching the first 6% (or more) of employee contributions into their retirement plan.

Ultimately, investing in your employees’ future is one of the best ways to encourage their investment in your business.

Build Better Benefits Today

Now you know how to build a competitive benefits package to recruit and retain employees. But do you know which insurance carrier can bring that package to life?

Here at Insure One, we are committed to helping your business grow. You can request a quote online by visiting our site. Or feel free to visit us at your nearest office. Finally, don’t be afraid to just give us a call at 800-836-2240.

While there are only five states that require this kind of coverage, that doesn’t mean it’s something you should skip out on. After all, having disability insurance may be a lucrative incentive for top candidates joining your company. Let’s take a closer look at the states that require disability coverage and why it’s beneficial to have even if you don’t live in one of them.

What Is Disability Insurance?

First and foremost, just what is disability insurance? It’s a type of coverage that can provide reimbursement for employees who cannot work because of an injury or illness. This isn’t the same as worker’s comp — that covers on-the-job injuries. Disability insurance is specifically for sicknesses that happen outside of work but prevent a person from working.

Disability insurance won’t cover a person’s full wages, but it should give them enough to live on while they’re recovering. It won’t cover medical bills or prescriptions, but a person could obviously use the money they receive to foot these costs. Usually, the amount a person receives is a percentage of their usual salary.

Most disability insurance plans are short-term in nature, meaning they have a set limit for how long they’ll provide coverage. The states we talk about below all mandate short-term disability insurance. Long-term disability insurance is more comprehensive, covering a worker until they are completely healed. It’s generally only used for long-term problems like cancer, arthritis, lupus, and more.

The States That Require Disability Insurance

Right now, there are only five states that require employers to provide short-term disability insurance:

• California
• Hawaii
• New Jersey
• New York
• Rhode Island

While it’s not a state yet, Puerto Rico also carries mandatory disability insurance requirements that employers have to meet.

Let’s take a closer look at each state’s requirements so you can have a better idea of what kind of coverage you will need.

California

In California, you’ll need to follow the rules of the California State Disability Insurance (SDI) program. The SDI requires employees to pay into a state fund that provides coverage for employees who cannot work due to disability or injury. The SDI rate for 2021 is 1.20%, with a maximum withhold amount of $1,539.58 for each employee.

While you can opt to use the state plan for your coverage, you also have the ability to choose a voluntary plan from a private insurer. That way, you’ll have more control over the coverage you offer as well as what your employees have to pay into the program. If you decide to go this route, you’ll need to make sure most of your employees agree to the plan to have it go into effect.

Hawaii

Hawaii’s short-term disability program is called the Hawaii Temporary Disability Insurance (TDI) law. It offers partial wage replacement to help employees who are sick or suffering from an injury. It also covers pregnancy. Just keep in mind, TDI only covers paid leave from work — it doesn’t include medical care.

Not every Hawaii worker qualifies for the TDI benefit, either. Your employees must have been employed for at least 14 weeks and worked for at least 20 hours. They also need to have earned at least $400 in the year before their disability claim.

You have three ways you can provide short-term disability insurance for your employees:

• Choosing a plan from an authorized carrier (don’t worry, some of our insurance partners are on the list)
• Creating a self-insured plan that pays out its own benefits when employees can’t work
• Making a collective bargaining agreement that defines sick leave benefits that satisfy TDI law

You also have the choice of paying for TDI on your own or splitting the cost with your employees. If you choose the latter, employees can only contribute up to 0.5% of their weekly wages.

New Jersey

The New Jersey Unemployment Compensation Law protects workers in New Jersey. The Temporary Disability Insurance (TDI) program is a part of that. It covers all employees who have become disabled within 14 days of their last day of work in the state.

As with the other states, you have a couple of options as an employer for how to set up this coverage. One option is the state plan, which requires employees to pay 0.47% on the first $138,200 in wages during the year. That makes the maximum contribution per year set at $649.54. You’ll pull these contributions from every paycheck rather than taking the lump sum all at once. Participants in this plan will receive 85% of their average weekly wage, up to a maximum of $903 per week.

The other option is a private plan, which is less regulated and allows you more control over your employees’ contributions and benefits. That said, the TDI program does require private coverage to be at least as robust in benefits, eligibility requirements, and duration of payments as the state-managed plan. Additionally, all private plans must be approved by the Division of Temporary Disability Insurance.

New York

New York’s disability benefits program is meant to provide coverage to employees who experience an off-the-job illness or injury. Employees just need to work 30 days a year to get coverage, and these days don’t need to be consecutive. As an employer, you have three options for getting coverage:

• Enroll with a private insurance carrier. As long as the insurance carrier is certified by the New York State Department of Financial Services, you are good to use it for your disability insurance coverage.
• Join the New York State Insurance Fund (NYSIF). You also have the choice to purchase a policy through the NYSIF, a not-for-profit agency that pays out disability benefits.
• Create your own self-insured fund. If your company is large enough, you can create a self-insurance fund that will pay employees directly.

Naturally, there are contribution limits. An employee can only contribute 0.50% of their weekly wages, up to $0.60 a week.

Rhode Island

Rhode Island boasts the first TDI program in the United States. The program protects workers who are unable to come to work because of a temporary injury or disability. There is only the state program in Rhode Island, meaning all of your employees will have to pay into it.

As of January 1, 2021, the current withholding rate is 1.3% of the employee’s first $74,000 in earnings. That works out to a max contribution of $962 a year. When employees go on TDI, they will get 4.62% of the wages from their highest-paid quarter that year. However, there are weekly maximum and minimums. Employees can get up to $887 a week, and they can’t get less than $107 a week.

Because the process is state-managed, as an employer, you only have to fill out a form to verify the last day an employee worked for you.

Should You Get Disability Insurance If You Live in a State That Doesn’t Require It?

You might be thinking — is disability insurance really worth it if the law doesn’t require it? In our opinion, it’s an invaluable expense that can protect your workers in the event of a catastrophe. Even as an individual seeking coverage on your own, disability insurance provides peace of mind should you ever be unable to work. Just think — do you have enough savings to protect yourself and your family if you suddenly lost all of your income?

You also need to consider the low cost of a disability insurance policy. It’s low enough that even if you never need to use it, you won’t notice the missing income. Because most policies cost just 1% to 3% of your income, it’s a small price to pay for knowing you’ll be financially secure if you can’t keep working.

Choose Quality Disability Insurance From InsureOne

When you’re ready to get disability insurance for your employees or yourself, make sure to choose a reputable insurance company like InsureOne. Get your free disability insurance quote today to see just how affordable our coverage is.

This type of coverage is essential for both employees and business owners. Let’s look at the basics of disability insurance, including how it works, how much it costs, and more.

What Is Disability Insurance?

Disability insurance provides coverage if you get hurt or sick and can’t earn a paycheck. It replaces a portion of your lost income, providing financial security for you and those who depend on your income. 

Disability insurance also provides peace of mind for business owners who wish to provide coverage for themselves and their employees.

How Does Disability Insurance Work?

Disability insurance involves monthly payments to the insurance company. Like any other kind of insurance, you need to make the premium every month to ensure coverage. They will pay you a monthly amount in return if you become disabled and can’t work.

Also called disability income insurance and income protection insurance, this type of policy usually pays 60% to 80% of your income before you became disabled. 

When you file for disability, there is a waiting period—also called the elimination period—involved before you can start receiving benefits. The term in which your benefits are paid out is known as the benefit period, which depends on your financial situation and what other insurance you currently have.

Is Disability Insurance for Life?

There’s no lump sum payment involved with disability insurance. Your benefits can last months, years, or up until you reach a certain age, including retirement. It all depends on your policy. You won’t lose coverage if you change jobs or lose your employment.

How Much Does Disability Insurance Cost a Month?

Generally, a disability insurance policy costs about 2% of your yearly salary, which can range anywhere from $30 to $500 a month. It’s usually cheaper to get group-term disability insurance from an employer if they offer it. However, a group plan is contingent on your employment, meaning you’ll lose your insurance if you don’t work for the company anymore.

Is Disability Insurance a Good Investment?

Disability insurance is a good investment for people who work and still need to pay bills if they lose their income due to injury or illness. It’s also a good idea for employers to provide disability insurance for their employees, as it usually includes short-term sick leave. 

While employers don’t have to offer disability insurance (not to be confused with workers’ compensation insurance) by law, many companies do offer it. 

How to Get a Disability Insurance Quote

InsureOne offers multiple disability insurance options to fit your unique needs and budget. Get your free disability insurance quote online, over the phone, or by visiting us today. Our dedicated team is ready to meet all of your insurance needs.

What You Should Know About Group Life Insurance

Group life insurance is an essential type of insurance offered for employees. The employer purchases the policy for their employees and retains the master contract.

Are you wondering what does group life insurance means? Below, we’ll discuss how group insurance works, how much it costs, and more.

What Is Group Life Insurance?

Group life insurance is a single contract (agreement) that covers an entire group of people. It’s offered by an employer or large scale entities like organizations with common interests. Group life insurance provides employees with basic protection, so your loved ones can get additional income upon your untimely death. 

Benefits Of Group Life Insurance

Group life insurance is ideal for people who cannot afford separate or individual full coverage insurance policies. Additionally, it allows high-risk individuals to get additional coverage. If your group or employer offers this type of insurance, you should get it if you have no other coverage in place. Since the coverage is based on a broader group, health issues are not much of a factor. 

Cost Of Group Life Insurance

The cost of a group life insurance is much lower than taking an individual policy.

But there’s a downside to this. If you determine that you need life coverage of $1 million, you may not get the best coverage for the dollar. It’s always an uphill task to secure such kind of coverage with group life insurance.

While group life insurance comes with many employees benefits, you should consider it as a supplementary plan. In most cases, the coverage will cease after you are no longer an employee.

Types Of Group Life Insurance Plans

There are three types of group insurance plans: group term life, group universal life, and variable group universal life.

• Group term life – This insurance policy combines the benefits of whole life and term life insurance. It comes with simplified underwriting and has affordable rates.

• Group universal life – This policy combines whole life insurance and term life. There’s also an optional cash value account, and the group buying power results in more affordable premiums. In addition to that, there’s an independent coverage that is available as a rider.

• Variable group universal life – This provides flexible life insurance, and there’s an optional sub-account investment choice. The type of insurance has expensive fees, like management distribution and fund expenses.

How Group Life Insurance Rates Determined

The premium rates represent a small percentage of the employer’s payroll. In a nutshell, the amount of coverage will depend on your salary. It can cover up to 200% of the employee salary. 

If you’re looking for a group life insurance policy, it’s recommended that you purchase an individual plan on top of the group policy. Some employers will give you an option to continue with the coverage by converting the term to a permanent insurance policy. Those who choose to do this pay higher premiums for comparable policies.

Are you asking, do I need group life insurance? If so, your employee may be able to help. If you are curious about learning more about an individual life insurance plan, reach out to a licensed agent at InsureOne to get a quote by calling (800) 467-1958 or by requesting a free quote online. 

Eat A Healthy Diet

Did you know that eye health tips start with the foods on your plate? Eat healthy foods that contain nutrients like lutein, Zinc, and omega-3 fatty acids for healthy eyes and good eyesight. To ensure you get sufficient vitamins, eat green leafy vegetables like kales, collards, and spinach. These eye vitamins foods can help wade off vision problems like cataracts and macular degeneration.

Other eye health foods include almonds, eggs, dairy, carrots, and oranges. A healthy diet will keep age-related problems like diabetes and overweight at bay. These two conditions are the leading cause of loss of eyesight in adults. Your doctor can also advise whether you should take daily vitamin supplements to protect eye health.

If you have diabetes, your risk of developing diabetic retinopathy increases with a significant margin. This condition causes dark spots, blurred vision, and may lead to permanent loss of eyesight. You may even need to get surgery for your eyes. 

Protect Your Eyes From The Sun

Wearing sunglasses that block both UVA and UVB rays can help protect your eyes. And don’t think those harmful rays go away if it’s cloudy out – they can still harm your eyes if they’re unprotected.

Since UV exposure is much higher on reflective surfaces, you should protect your eyes while at the beach or near water. You can use wide-brimmed hats and umbrellas to block the sun.

Exercise Regularly

Regular exercise reduces the risk of age-related macular degeneration by a considerable margin. Whether you choose to walk, ride a bike, or take an aerobics class – any exercise has a positive contribution to your eye health.

Consequences Of Unhealthy Eyes

While it’s never too late to start taking care of your eyes, unhealthy eyes can cause many problems. You may experience itchy eyes, discharge, puffy eyes, eye floaters, tired eyes, or blurred vision when something isn’t right with your eye health. Other serious conditions include macular degeneration, cataracts, glaucoma, diabetic retinopathy, dry eyes syndrome, pinkeye, and night blindness, among others.

Like other organs in your body, the importance of good eye health cannot be overlooked. To ensure you have the best eye health vision, you should get regular eye tests and exams from a professional. Your eyes are with you for a lifetime, and you need them to last a lifetime!

At InsureOne, we want to help you stay safe and healthy for the rest of your life. Why not start a free life insurance quote online today? Give us a call and get the coverage you need at an affordable rate.