Life Insurance Demand Grows Amidst Pandemic, EZTDB Reports
Employees want better voluntary benefits to protect themselves and their families
Additionally, the company has noticed a shift in the benefits today's workforce demands. On their website, the company reported on the results of an industry poll, noting that 68% of employees want dental coverage, while vision and disability coverage follow with 41% of employees seeking jobs with these benefits.
Life Insurance Sales Spike with COVID-19 Deaths
Life insurance saw one of the biggest spikes during the coronavirus pandemic, however. Insurance carrier MassMutual said it saw a 34% increase in life insurance policies sold in the second and third quarters of 2020, coinciding with the height of the pandemic. They compared the figures, year-over-year, to the second and third quarters in 2019. Similarly, Northwest Mutual showed a 15% increase in sales between April 2020 and September 2020, versus the same months in 2019.
The Advantages of Group Life / AD&D for New Jersey Employees and Employers
Group Life / AD&D coverage provided by an employer represents the most cost-effective death benefit a person can purchase to help cover funeral costs and provide for their family. Employers can opt to pay the premiums, provide it as a shared-cost, voluntary benefit, or let employees pay the premiums with pre-tax dollars from their paycheck.
"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," says EZTDB President and CEO Michael Cohen. "On a tiered plan, top-level management gets higher coverage levels, making the money New Jersey business owners pay into the benefit go further."
New Jersey business owners can save even more money by bundling their Group Life / AD&D plan with temporary disability insurance, a statutory benefit in New Jersey that can be privatized for cost savings, better service, and a more flexible plan.
With more than 45 years in the statutory insurance industry, EZTDB delivers white-glove service and cost savings to New Jersey business owners through temporary disability benefits from top-rated carriers.
EZTDB | Michael Cohen
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