All Business Council members are eligible to offer their employees a supplemental life insurance (SL) benefit that has proven overwhelmingly popular with the employees of Council members already offering this benefit, said Bob Crandall, The Council's director of member services.
"Supplemental life insurance is the most popular of the employee-paid benefits offered by The Business Council Insurance Fund," Crandall said. "It's inexpensive for employees and essentially no-cost for employers. It's easy to understand. And employees place a strong value on the extra coverage."
The Business Council Insurance Fund administers SL plans for many of the 2,400 Business Council members that participate in The Fund's regular life insurance program. All benefits are fully insured by Hartford Life.
"Employees see this is a great way to bridge any gap they may perceive between their basic coverage and what they actually need for comfortable personal protection," Crandall said.
Benefits to employees include:
. Rates are affordable because they are group rates that leverage the power of many participants in the coverage to keep rates down.
. Employees can choose for themselves the level of coverage they want. Employees generally choose coverage from as low as $10,000 to $100,000 or more. Coverage for spouses and children may also be provided.
. Employees can pay the premiums through the convenience of payroll deductions.
The Business Council Insurance Fund's experienced team manages all aspects of implementing the plan.
For example, The Fund conducts the enrollment process during which employees complete personalized enrollment forms distributed in conjunction with brief on-site employee meetings. Employees can ask questions to help them chose how much coverage they want and then easily calculate their costs of coverage.