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When your employees look to you for insurance products that will help provide financial security for their loved one; you can confidently say you made the right choice when you choose Fringe Benefit Analysts. We offer a comprehensive line of flexible Group Life insurance and Accidental Death & Dismemberment (AD&D) insurance plans that we can tailor to meet the needs of your workforce.
As a fundamental element of any employee benefits package, Group Life insurance helps protect against financial hardships related to an untimely death. Losing the family’s primary wage earner can be financially devastating. Funeral costs, medical bills and loss of income are just some of the inevitable fallout family members will have to deal with as they grieve. Fringe Benefit Analysts’ Group Life insurance benefits offer protection against the need to use money from savings and investments or rely on family and friends for financial assistance when tragedy strikes.
Employers usually offer two types of group term life insurance plans for their employees: Group Paid Life and Supplemental Voluntary Life. The group paid coverage is tax free for the employee, up to $50,000. The supplemental life is fully paid by the employee but is convertible, or portable, depending on the policy, which allows them to keep the policy intact, even if leaving their employer.
On occasion an employer will offer voluntary Whole Life insurance. This type of life insurance lasts for the duration of a person’s lifetime, without an age reduction, may even accrue cash value over time and is also portable. However, unlike term policies, whole life policies are extremely expensive and have strict underwriting requirements, which is why most employers shy away from this type of contract.
Term Life insurance policies, on the other hand, have guaranteed face amounts and are very reasonably priced. For this reason, Group Term insurance is the overwhelming favorite among employers.
Accidental Death and Dismemberment (AD&D) insurance pays benefits in the event of loss of life, limb or sight due to an accident. Available as an optional benefit that can be bundled with a Group Life insurance policy or as a stand-alone product sold separately, AD&D gives employees and their families peace of mind.
There are inherent risks to everything we do. Unfortunately, accidents happen, no matter how cautiously we proceed with our daily activities. While an unexpected accident or death can be physically and emotionally devastating, it can also cause serious financial repercussions for loved ones.
It’s impossible to predict accidents but we can put measures in place if they do happen. AD&D insurance can help protect employees and family members in the event of serious injury or death due to a covered accident.
Gain peace of mind by requesting an AD&D
insurance quote from Fringe Benefit Analysts.
We’re easy to reach when you need us, with six locations across Utah.