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TYPES OF EMPLOYEE INSURANCE PROGRAMS
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Types of Employee Insurance Programs
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TYPES OF EMPLOYEE INSURANCE PROGRAMS
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Insurance is a contract between an individual or a group of individuals with an insurance
provider. According to such contract, the insurance provider is liable to compensate the opposite
party against losses in exchange of their regular monthly payments. Employee insurance is a
form of benefits offered by the employer to its employees. Employees are liable to pay a certain
amount from their salary to get those benefits. As compared to direct purchasing of an insurance
policy from an insurance company, the employer’s insurance package for employees is far more
affordable. There are a number of insurance policies that are offered by the employer to its
employees to help them focus on their jobs and to build long term relationship with them.
Following are a few common and beneficial insurance types that are offered by various
employers to their employees.
Term Life Insurance
Term life insurance is the simplest life insurance type. Under such insurance, employees
can only choose specific types of coverage as per their needs and up to a certain time period.
Term life insurance can be of 1 year up to 30 years, according to the desire of an employee or
employer. This type of insurance policy is age sensitive as well as is sensitive for the health
condition of the employee. Older people, for example, at the age of 70 or more could not be
eligible for term life insurance according to the rules and regulations of many insurance
companies. Similarly, compared to youngsters, the insurance premiums are higher for older
people on the basis of their weight and health conditions (Baldwin, 1996). Employers are usually
purchasing term life insurance in a group for employees. Group term life insurance has more
incentives as compared to the individual term life insurance therefore, an employer can offer
more incentives for his/her employees against a minimum deposit. Group term life insurance

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TYPES OF EMPLOYEE INSURANCE PROGRAMS 1 Types of Employee Insurance Programs Student Name University Name TYPES OF EMPLOYEE INSURANCE PROGRAMS 2 Insurance is a contract between an individual or a group of individuals with an insurance provider. According to such contract, the insurance provider is liable to compensate the opposite party against losses in exchange of their regular monthly payments. Employee insurance is a form of benefits offered by the employer to its employees. Employees are liable to pay a certain amount from their salary to get those benefits. As compared to direct purchasing of an insurance policy from an insurance company, the employer’s insurance package for employees is far more affordable. There are a number of insurance policies that are offered by the employer to its employees to help them focus on their jobs and to build long term relationship with them. Following are a few common and beneficial insurance types that are offered by various employers to their employees. Term Life Insurance Term life insurance is the simplest life insurance type. Under such insurance, employees can only choose specific types of coverage as per their needs and up to a certain time period. Term life insurance can be of 1 year up to 30 years, according to the desire of an employee or employer. This type of insurance policy is age sensitive as well as is sensitive for the health condition of the employee. Older people, for example, at the age of 70 or more could not ...
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