July 18, 2018
As a smaller company, you may feel as though you can’t compete with larger businesses when attract talent because of their bigger budgets. So what can you do to set yourself apart from these competitors without breaking the bank? Some SMEs are now turning to employee benefits packages in a bid to stand out and attract the best candidates.
One such benefit that often gets overlooked by smaller companies is group life insurance – also known as death in service – which can be an affordable way of providing security and support for your team. Should the unthinkable happen and an employee dies, whether at work or home, group life insurance will financially support their loved ones by providing a lump-sum payment.
Some SMEs may not look at group life insurance as they believe it to be too expensive or only suitable for larger companies. But the reality is that it may be more affordable than you think. It can be a flexible addition to salary packages and a great way to look after staff – regardless of company size.
Usually cheaper than individuals purchasing their own life insurance, group life insurance cover is often more cost-effective for businesses than many might expect – for example, an SME business based in England or Wales could provide £50,000* of cover for less than £7 per month per employee.
Some insurers will quote for employers with as few as two employees, enabling businesses to feel the full benefit of helping to protect their team with such a valuable employee benefit.
When it comes to employee benefits, we can help you get started. ProtectMyPeople is a UK-wide group life insurance comparison site, providing a quick, simple and easy solution for businesses of all sizes, without the pain of completing multiple individual insurer questionnaires. We help you to compare quotes from our trusted panel of insurance providers, allowing you to find the right policy for your business and your employees.
You could be covered in three simple steps. We just need a few details about you, your business and staff and we’ll do the rest. It really couldn’t be simpler.
So, if you’re looking for an employee benefit with real value, group life insurance could be the answer. What are you waiting for? Get started today!
*Price is based on a quote for a manufacturing company based in the North West with 20 people (50:50 split male: female) doing administrative roles, covered to the age of 65 or state pension age, with the premium being paid monthly by direct debit – valid from 04/06/18 – 04/09/18. Premiums and eligibility are dependent upon your scheme structure and the individual insurance providers.