Do You Offer Your Workers These Important Employee Benefits?

Have you evaluated your employee benefits’ packages since the pandemic started?

You probably aren’t surprised that employees’ needs have changed dramatically, from the desire for increased paid family leave to flexible hours and remote work to oversee children who may be engaged in distance learning. (Or not so engaged, as the case may be!)

While New Jersey state legislators have stepped in to mandate that all New Jersey employers offer up to 40 hours of earned sick leave per year, other employee benefits remain at the discretion of the employer.

With no company holiday parties, birthday gatherings, or pizza Fridays in the breakroom, employers should be able to find the budget to provide some of the ancillary benefits that New Jersey employees want the most.

In a recent poll conducted by MetLife, employees listed their “must-have” benefits:

  • 86% said health insurance
  • 69% said dental insurance
  • 41% said vision coverage
  • 41% said disability insurance

But insurance industry representatives report another equally important benefit that’s gaining a lot of interest these days: life insurance.

Group Life / AD&D: One of The Most Affordable Benefits You Can Provide for Peace-of-Mind

There’s another benefit that not many people like to talk about, because people don’t like to think about the inevitable. Unfortunately, a global pandemic will bring the topic front-of-mind: Life insurance.

Carrier MassMutual reported that its agency showed a 34% increase in life insurance policies sold in the second and third quarters of 2020 compared to the same months in 2019. Likewise, Northwestern Mutual reported a 15% increase in policy sales between April and September 2020 versus April through September 2019, CNBC reports.

As a business owner, Group Life / AD&D coverage is one of the most affordable and cost-effective ancillary benefits you can provide to your employees. You can offer it as a voluntary plan, funded by the employees, or share the costs with your workers. Either way, top-level management gets higher coverage levels on a tiered plan, making the money you pay in go further.

EZTDB offers tiered life insurance plans where Class I employees (top-level executives) can receive up to 2 X their Base Annual Earnings, management (Class II) receives 2 X BAE, and all other employees (Class III) can get an affordable, flat-rate policy to help cover funeral costs and help their family along during a difficult time.

Of course, you can opt for higher coverage levels up to any maximum you choose, depending on the plan you select.

Save Money by Bundling Private TDB, Group Life, and Other Ancillary Benefits

Here at EZTDB, we focus on providing the best private temporary disability coverage to New Jersey business owners. But it’s not all we do. Backed by a general agency with nearly 50 years in the business and relationships with all the major carriers, EZTDB can also write Group Life / AD&D and ancillary benefits policies, including dental, vision, and long-term disability.

When you privatize your New Jersey temporary disability benefits with us, you’re already enjoying exemplary service, flexible payouts, and cost savings of up to 25%. You can save even more if you bundle your Group Life / AD&D and other benefits with us, too.

We’d love to be your insurance broker for the employee benefits your workers want the most. Reach out and let us help you save money and create a happier, healthier place of business.