Standard Life and Accident Insurance Company (Standard Life) has rolled out its latest insurance product, known as Group Term Life Insurance, designed for companies with as few as 10 employees.
The company said that the new policy has been introduced to meet the demand of more than 62% of Americans who favor to purchase life insurance through their place of employment.
Since, the cost and ease of understanding the product has been acting as the deciding factors for most non-buyers of life insurance, Standard Life aims to fill the gap by offering a term life product with affordable premium.
The new life insurance plans are available in both voluntary and basic to best contain the budget structures of both employers and their employees, claims the life insurer.
The premiums for the basic plans are 100% paid by the employer while offering employees the option to purchase additional coverage.
Moreover, the two policies’ structure benefits employers providing them the option to determine the level of cost sharing that is right for their company.
Standard Life and Accident Insurance Company marketing vice president Debie Knowles said, "in an age where most Americans believe in the importance of life insurance, but nearly 40% have not purchased it3, Standard Life wants to make purchasing life insurance as affordable and uncomplicated as possible.
"We have two goals: to bring product awareness to those who may have misconceptions about the need and affordability of the product, and to meet the needs of both employer and their employees by making this most important form of protection accessible to everyone."