Mind the Insurance Gap

Mary Lyons Business Insurance, Health Benefits, Insurance, Voluntary Benefits

Is your business unprotected? “Of course not,” you probably say. But how sure are you? Almost 40% of small companies would likely go out of business if the business owner unexpectedly died, according to a new report, the New York Life Small Business Insurance Gap. Tell me more >>> If you would like more information about protecting your business, contact Mary Lyons, GBA, Insurance and Benefits Sales Consultant, Health Benefit Solutions.

3 – Offering Life Insurance: Benefits to You and Your Employees

Mary Lyons Insurance, Voluntary Benefits

Part 3 of a 3 part series… Benefits to Employers Tax treatment – Premiums for life insurance offered by the employer are generally deductible as ordinary and necessary business expenses (unless the employer is the beneficiary of the policy). In addition, the cost of employer-provided group-term life insurance is excludable from the employees’ gross income (up to $50,000 of coverage). The plan must meet special nondiscrimination rules, however, or key employees may not be eligible to exclude the cost of their coverage from their gross income. Benefits for Employees Though life insurance is an important asset for future financial security, many employees don’t realize its importance. Teaching employees about the value of life insurance may increase loyalty to the company …

1 – Offering Life Insurance Benefits: The Basics

Mary Lyons Insurance, Voluntary Benefits

Part 1 of a 3-part series… Though life insurance is an important asset for future financial security, many employees don’t realize its importance. Teaching employees about the value of life insurance may increase loyalty to the company as they better appreciate this benefit. Factors to consider When deciding to offer life insurance as an employee benefit, there are a number of factors to consider: What type of coverage will you offer? Will you offer term insurance, permanent or both? Who will be covered (employees only, retirees, spouses, dependents)? Note: Only employees can be covered under a group-term policy. When is coverage effective? Will there be a waiting period? What amount of insurance will be available? How will that amount be …