Though it is well known that life insurance policies will pay out a lump sum or monthly payment in the event of a death, many businesses are not aware of the number of benefits that life insurance can have to their company. In fact, life insurance for business owners can be the thing that makes or breaks your business.
To give you a better understanding of how important life insurance can be, here are 5 reasons why the success of your business is dependent on you having life insurance.
- It can help to attract employees
The Office for National Statistics reported that 75% of people of working age (16 to 64) are in some form of employment. With this number of people in the workforce already, it is crucial to make sure that your business has a competitive edge.
Therefore, a group life insurance alongside other employee benefits can help you to attract new employees, as you are offering more than a standard monthly paycheck.
- Boosts employee retention
Did you know that a whopping 85% of people are reportedly unhappy with their jobs? As an employer, it is important to make sure that you are doing the best you can to support your workforce, making sure they have job satisfaction.
If an employee is unhappy at work, this means that they are more likely to start looking for a new job, leaving you with a vacancy to fill. In this way, life insurance can provide employees with the support they need to stay fulfilled in their role.
- Supports your employees and their families
Not only will life insurance support your employees, but it will also support their loved ones and dependents in the even of an unfortunate death.
In addition to this, working relationships often go beyond professional relationships, so it is only right to make sure you are doing your best to support your friend’s family when they are gone.
- Offers financial security, benefitting mental health
One of the most common causes of work-related stress and mental health problems is financial insecurity. Being distracted by financial worries can impact your employees’ focus at work, and negatively impact their mental health.
However, life insurance guarantees a pay out to your employees’ dependents as a lump sum or monthly payment in the event of their death. This can ease their anxieties about money and provide the comfort of financial security.
- Provides a succession plan
Succession planning involves looking ahead into the future and thinking about what would happen if a leadership role needed to be replaced in the event of retirement or death. This often concerns the ‘passing on’ of a leadership role or ownership of the company.
What you might not have considered is that, if a business partner passes away, you may no longer have the finances in place to continue funding the business. With life insurance, however, your business will be covered financially in the event of their death.
And there you have it 5 reasons why the success of your business is dependent on you having life insurance. With this reasoning in mind, all that is left to do is find the best life insurance policy for you.
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