Group Life Insurance Benefits from Globe Life Liberty National Division
It can be difficult for business owners to find opportunities to save money while taking care of their employees and at the same time. The beauty of Globe Life Liberty National Division's Worksite Advantage Section 125 Cafeteria Plan is you can do just that and more!
Keep your business attractive to skilled workers by helping employees gain access to pretax products, while still reducing your business’ taxable contributions.
The Worksite Advantage
Section 125 Cafeteria Plans help you find and retain better quality employees. By offering your employees voluntary benefits, you help them gain access to supplemental insurance benefits they need or want individually or for their families. Section 125 Cafeteria Plans help your employees:
Save money by purchasing certain supplemental insurance benefits pretax, conveniently through payroll deduction
Perform better because they have access to voluntary benefits
A happy staff delivers a stronger performance and better morale for business owners. Employers also save money when they provide a Section 125 Cafeteria Plan.
Section 125 is an IRS code that provides tax savings on Cafeteria Plan benefits. A Cafeteria Plan is an employer-provided benefits program in which an employee uses pretax dollars to pay for qualified expenses, such as life and supplemental health insurance premiums.
With The B.I.G. Agency Worksite Advantage Section 125 Cafeteria Plan, the employer facilitates insurance payment by deducting the premium from the employee’s paycheck before taxes are withheld on eligible pretax products.
Pretax deduction provides the benefit of reducing an employee’s taxable gross income. Lower taxable income for employees means employers spend less on contributions toward federal unemployment, Social Security, workers’ compensation, and applicable states taxes.
Top reasons to provide access to life insurance benefits to your employees:
50% of American families say they need more life insurance
Approximately 40% of American consumers say purchasing life insurance in the event of premature death and to pay for funeral expenses is a top priority
2 in 10 households prefer to buy life insurance at work because it may cost less and premium payment through payroll deduction is convenient
Source: Facts of Life 2014, LIMRA
The Worksite Advantage provides a cost-effective solution to giving your employees access to voluntary benefits that can supplement primary insurance coverage. With a Section 125 Cafeteria Plan, employers get the benefit of:
Saving money on insurance premiums – premiums are 100% employee-paid
Reducing payroll taxes when employees pay for benefits with pretax dollars
Improving employee retention and morale by offering additional health and life insurance
Giving employees the choice to build their own individual or family insurance package
Who Qualifies for The Worksite Advantage?
We service many businesses. From small to large corporations, local and state groups, and school systems. We understand every business is unique and can tailor our plans to meet your needs. A state-licensed Agent can work with you one-on-one to help choose a plan suitable for you.
Become a valued Worksite customer. Call us to have a local Agent show you what a Section 125 Cafeteria Plan can do for your business.
Worksite Advantage Plans and Products
Section 125 Premium Only Plan gives your employees access to a variety of products that qualify for pretax payroll deduction. We also have products that are only available on an after-tax basis through our Standard Payroll Deduction Plan. Your Agent can help you decide which of our plans is the best fit for your business.
Access to Optional Noninsurance Discount Program
For most small businesses – the majority having less than 10 employees, insurance premiums are 18% higher than that of large companies*. Changes in healthcare laws under the Affordable Care Act allow a tax credit for eligible small businesses if insurance is purchased through the State Exchange. Each State Exchange determines the eligibility requirements, so some businesses may not qualify for a tax credit.
The B.I.G. Agency understands the cost constraints some employers may face in providing insurance benefits and offers a optional noninsurance discount program you can provide employees access to at no-cost.
Through our Discount Card program, your employees have access to:
Eye care
Hearing
Chiropractic care, and
Prescription drugs
*Healthcare Statistics: Small business and the healthcare crisis; Small Business Majority, 2014.
Discount Card is not insurance. Enrolled employees pay no-cost for plan membership for one year. Plan members are obligated to pay for all healthcare services, but will receive a discount from providers contracted with the discount medical plan organization. Discounts vary by provider type and services provided.