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Employer-sponsored life and accidental death and dismemberment (AD&D) insurance provides financial protection for employees and their loved ones in the event a person dies or suffers certain severe injuries, whether they occur on or off the job. Offer your employees peace of mind with life and AD&D insurance.
Paying for life insurance for your employees is a valuable benefit that can be a big selling point when recruiting staff. Insurance provides a payout to the employee's financial dependents to make up for some of the lost income if the employee passes away. Depending on the policy, the coverage could last for a limited period, until the employee reaches retirement age, or until they pass away, regardless of when that is.
Accidental death and dismemberment insurance is a variation on life insurance, but it only pays out if the death is from an accident (or in some cases a homicide). It usually only pays out if the death happens while premiums are still being paid, similar to term life insurance.
This coverage only pays out for specific causes of death that are not natural and the terms depend on the specifics of your policy.
It depends on your situation and if the work you do is considered high risk. However, there are cases where having this coverage may be beneficial even for jobs not considered to be high risk.
The plan pays out a smaller amount if the covered person loses their vision, hearing, speech, or limbs in an accident. Accidental death and dismemberment insurance can be a policy on its own, or it can be added on top of the normal life insurance payout.
Neither of these policies are substitutes for workers' compensation insurance. This is mandatory for most employers, and while it only covers injuries or deaths at work, it does payout for medical bills, some lost income, and death benefits.
Interested in learning more about life and accidental death and dismemberment insurance? Contact us to go over your options and to help you determine if it is a fit for your business.