You’ll probably think we’re a little weird, but insurance agents get super excited about insurance products…especially products that are so great they sell themselves!
And that’s the case with Cincinnati Life Insurance’s Voluntary Payroll Deduction Life Insurance…we feel it’s an exceptional product!
If you’re an employer that wants to create a great employee benefits package for your team, you may want to consider adding a voluntary life insurance option to your employee benefits program.
Let me tell you why.
First of all, The Cincinnati Life Insurance Company is an A+* rated insurance company. They’re dependable, financially secure, and excellent with service.
When you buy insurance through Cincinnati, you can be sure you’re getting a fantastic product.
Here’s what else we love about this product:
- Has Multiple Options
- Is Employee Owned
- Requires No Medical Underwriting
- Has Reasonable Pricing
*Ratings are under continuous review and subject to change and/or affirmation. For the latest financial strength ratings and information about The Cincinnati Life Insurance Company’s published rankings, independent surveys, and studies, you can visit cinfin.com.
#1 Multiple Options
We think that one notable feature of Cincinnati Life’s Voluntary Payroll Deduction Life Insurance product is its numerous options. Most worksite products only give the policyholder a few options.
For instance, they may have to choose from two or three benefit amounts – say $25,000 or $50,000.
Or, they may get to choose from two or three policy term lengths – like a 10-year, 20-year, or 30-year policy.
However, with Cincinnati’s Voluntary Payroll Deduction products, your employees can choose from:
- A whole, term, or term return on premium life insurance policy
- Various death benefit amounts
- Various term lengths
- Additional riders for their policies
In terms of riders, when your employee opts to purchase a policy from Cincinnati Life, they will have the choice to purchase several additional options:
- Coverage for their spouse, children, and grandchildren
- Accidental death benefit rider
- Accelerated benefit rider (available on all plans at no additional charge)
- Disability waiver of premium rider
#2 Employee Owned
We believe another enormous benefit of Cincinnati Life’s Voluntary Payroll Deduction Life Insurance is that the employee owns the policy.
Typically, the employer owns the group life insurance policy and controls all the policy terms with group life insurance. If the employer decides to end the group life insurance policy for some reason, the employee has no say.
Because of this, the employee only has this life coverage while they work for the employer. If an employee quits, retires, is furloughed, or is fired, their group life insurance policy will no longer be available.
Also, if the employer goes out of business for some reason, the group life insurance policy will no longer protect the employees.
With Cincinnati Life’s Payroll Deduction Worksite Life insurance, each employee purchases their own policy. The employee owns it.
So, if the employee ceases working for the employer, they keep their life insurance policy. The only difference will be that the employee will no longer have their premium paid out of their paycheck. The employee will need to pay their premiums directly to the insurance company.
This feature of Cincinnati Life’s Voluntary Payroll Deduction Life Insurance product is especially appealing to employees with pre-existing medical conditions and may not qualify for life insurance on their own. With this voluntary product, the employee will have life insurance that they may not have been able to get otherwise.
#3 No Medical Underwriting
We find that many employers we work with appreciate that Cincinnati Life’s Voluntary Payroll Deduction Life Insurance has no medical underwriting.
With this product, employees up to age 70 and spouses up to age 60 will qualify for a policy up to a guaranteed issue amount even if they have medical issues or smoke. Often life insurance products are not available to these individuals.
Your employees’ smoker status will impact their rates but not prevent them from getting a policy.
Employees who want higher benefit amounts are required to go through more extensive medical underwriting – including a medical questionnaire, listing current medications, and reporting their smoker status.
#4 Pricing
We believe that Cincinnati Life’s Voluntary Payroll Deduction Life Insurance products are well-priced.
A 25-year-old non-smoker who purchases a 20-year term life insurance policy with a $25,000 death benefit will only have to pay $3.56 every two weeks out of their paycheck. That’s less than the price of a specialty coffee drink!
What about pricing on a Return on Premium policy? A 25-year old non-smoker who purchases a 20-year return on premium policy with a $25,000 death benefit will pay $9.85 every two weeks out of their paycheck. And, after paying on this policy for 20 years, the policy will have a cash value of $4,097.60.
Now let’s talk about a whole life policy for that same 25-year old non-smoker. For a $25,000 whole life pay to 65 policy, that individual would pay $8.99 every other week directly out of their paycheck. And when that individual turns 65, they would no longer have to pay for the policy. They would own it outright!
Why should our company offer life insurance as a voluntary benefit?
We believe that Cincinnati Life’s Voluntary Payroll Deduction Life Insurance is an outstanding product. But why should you consider adding voluntary life insurance to your employee benefits package at all? What are the advantages of adding such a product to benefits?
Voluntary payroll deduction life insurance creates no direct cost to you, but provides the needed benefit for your employees.
Voluntary life insurance is paid for entirely by your employees. You, as the employer, however, pay only administrative costs to have the premium amounts deducted from your employees’ paychecks.
Voluntary payroll deduction life insurance allows your employees to choose for themselves which product will best meet their needs.
Voluntary life insurance is not sold as a one-size-fits-all product. When an employer offers voluntary life insurance, their employees have more choices. Keep in mind that an employee with a young family has very different life insurance needs from an employee who is nearing retirement. With voluntary life, your employees can make a good decision based on their situations.
Voluntary payroll deduction life insurance contributes to your employees’ financial security and peace of mind, leading to increased employee productivity.
When an employee has financial security, they are more productive and have higher morale. Having the peace of mind that their loved ones will be financially cared for if they unexpectedly pass away contributes to your employees’ sense of security. By providing a life insurance option, your employees will have one less stress.
Voluntary payroll deduction life insurance can enhance your employee benefits package making your company more attractive to potential talent.
About 85% of companies today offer a group life insurance product to their employees. If you want to compete for the best talent in your industry, providing a robust benefits program is necessary. Potential hires will likely expect you to offer a life insurance product to them.
How can we explore Cincinnati Life’s Voluntary Payroll Deduction Life Insurance for our employees?
If you would like to explore this excellent voluntary life insurance product for your team, we’re here to help businesses in Pennsylvania, West Virginia, Ohio, and Maryland.
When you call our team, we will thoroughly explain this product to you. Then you can make an informed decision if you would like to move forward with providing this product for your employees.
After that, our team will educate your employees about their options and help them sign up if they are interested. Our team can guide them on which options will best meet the needs of their families.
At Baily Insurance, we’re committed to providing value and outstanding service to our clients. We’d love to add you to the list of satisfied employers who trust us to help them with their benefits.
Cincinnati Life is one of the many insurance companies we partner with to provide our clients with outstanding group benefits.
To let us know you’re interested in learning more, give us a call at 724-627-6121 or take a moment to fill out our inquiry form below.
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