Every year on May 2nd, the US observes National Life Insurance Day (#LifeInsuranceDay) – a lesser known holiday than say Christmas, but one with a great deal of importance. On May 2nd in the late 1760s, the purchase of life insurance became a reality in the US. This signified relief for many poor families and distressed widows, initiating a means for survival upon the passing of those they were dependent upon.
Over the years, life insurance has represented different things to different people. Whether to defray funeral costs, pay off debts and loans to avoid the burden falling on loved ones, or as an alternative savings for college or school tuition, life insurance policies have been an important source of income after a passing.
Today, life insurance policies remain of great assistance and represent peace-of-mind for many Americans. Life insurance coverage has become a staple benefit of compensation packages for new employers, and the sale of private policies has increased exponentially with the rising cost of living.
On National Life Insurance Day, take the time to assess the policies you offer to employees and encourage them to review their coverage. Consider life events that have taken place since the policy was implemented. Assess ways to lower your rate and/or provide more options to your team to appeal to your workforce.
Netchex offers clients the advantages of NetBenefits programs for their employees improved management of life insurance policies at varying levels of coverage. We help you build and structure compensation packages that engage top talent and retain loyal employees. Netchex technology makes it easy to manage your benefits administration.
Learn how NetBenefits can enhance your compensation programs with online tools and resources for HR to build robust benefits packages for your employees. Discover why more companies are partnering with Netchex for complete HCM solutions including automated payroll, time and labor tracking, compliance, reporting, and recruitment solutions. We have your best interests in mind so you can focus on what’s really important – growing your business and managing your workforce.
Contact us to learn about our solutions for small to medium-sized businesses, and discover why more companies are switching from ADP, Paychex, and Paylocity to Netchex and benefiting from elite service and support.