The Benefits of Providing Accident Insurance

The Benefits of Providing Accident Insurance For a growing number of employers, voluntary accident insurance plans may play a part in rounding out employee benefits packages to help employees pay for unexpected costs. Accidents can happen to anyone—and the reality is that accidents do happen. In fact, more than 80 million people in the United States seek medical treatment for injuries each year. This article provides an overview of accident insurance and reasons why many employers are offering this voluntary benefit to…

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Group Term Life Insurance: FAQ’s

Many employers provide employees with employer-paid group-term life insurance benefits or arrange for employees to purchase group-term life insurance benefits. Internal Revenue Code (Code) Section 79 includes the tax rules for employer-provided group-term life insurance. Code Section 79 provides that an employee may exclude up to $50,000 of employer-provided group-term life insurance coverage from his or her taxable income. This tax exclusion applies only to insurance on the life of the employee. It does not apply to insurance on the life of…

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Educating Employees: Importance of Life Insurance

Educate Employees on the Importance of Life Insurance Although life insurance is one of the most common employer-provided benefits, many employees do not appreciate its value. As an employer, you are well-positioned to educate employees on the importance of this coverage. What’s in it for you? Educating employees about life insurance can yield higher enrollment, greater appreciation for your benefits package and increased loyalty to the company. Many employees are not financially savvy, but are interested in learning. Financial education from their…

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Return of Premium Life Insurance

Return of Premium Life Insurance Life insurance is a valuable component of a benefits strategy, as it has been shown to be held in high value by employees. According to the U.S. Bureau of Labor Statistics, of the 58% of private industry workers who are offered life insurance benefits by their employers, 97% choose to enroll. Employers also commonly expand life insurance on a voluntary basis, owing to the wide array of insurance policy options and employee needs. Given this information, it’s…

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DOL Guidance on COVID-19 Relief for Employee Benefit Plans

On Feb. 26, 2021, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued Disaster Relief Notice 2021-01 to provide guidance on the duration of the COVID-19-related relief regarding certain employee benefit plan deadlines during the Outbreak Period. The relief requires employers to disregard the Outbreak Period when enforcing certain employee benefit plan deadlines and gives plan sponsors additional time to distribute plan notices and disclosures. Under federal law, this period cannot exceed one year. Because the Outbreak Period began on…

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