Life insurance is one of the most requested benefits and can help attract new employees with families. Life insurance can be employer-paid or a voluntary benefit. Supplemental is also an option to add to existing life insurance plans.
Employers may pay 100% of employee life insurance premiums, or employees may contribute some or all of the costs. Typical plans pay flat dollar amounts as a death benefit or may specify the number of payments over time based on a percentage of the employee’s salary. Two types of life insurance are commonly offered: