Group Life Insurance is provided by an employer or organization to its employees or members. Its premiums are much lower than individual insurance policies because the coverage is purchased on a “wholesale” basis.
While some companies automatically include it in employee benefits, others make it optional. They will subsidize part of the premium and deduct the rest from the salary.
However, the employer retains ownership of the policy, and the employee’s coverage ends when he or she leaves the company.
More companies worldwide are giving greater priority to employee healthcare benefits. According to McKinsey & Company's latest Employer Health Benefits Survey, 11% more employers now view health benefits as "very important" since the pandemic.
The survey participants included C-level executives, human resources leaders, and benefits managers. They revealed that they offer these benefits to enhance employee well-being, strengthen core benefit plans, and attract new talent.
Approximately 80% of companies either offer or express interest in specialized health programs. Many of them are also expanding their medical coverage. The survey found that in addition to medical benefits, the participants also believe that dental, vision, and short-term disability are a crucial part of a group insurance plan.
Notably, critical illness and disability have experienced the fastest growth in perceived importance.
This shows that more companies around the world see the importance of healthcare benefits in employee satisfaction, engagement, and productivity.