In today’s competitive business environment, attracting and retaining top talent is a priority for any company. One of the most effective ways to enhance your employee benefits package is by offering a group life insurance plan. September is Life Insurance Awareness Month, so employees may be starting to consider their life coverage.  Erie Insurance, known for its commitment to service and reliability, offers a group life insurance plan that stands out for both employers and employees. Here’s why choosing Erie Insurance for your company’s group life insurance plan can be a smart move.
 
1. Comprehensive Coverage at Competitive Rates
Group life insurance through Erie Insurance provides your employees with comprehensive coverage at a lower cost than individual policies. This is because the risk is spread across a larger group, allowing Erie to offer more favorable rates. Employees appreciate the affordability and peace of mind that comes with knowing they have financial protection for their families without breaking the bank.
 
                                                              Coverage is available at rates as low as $4/week.
 
2. Attract and Retain Top Talent
Offering a robust benefits package that includes group life insurance is a significant draw for potential hires. It signals that your company cares about the well-being of its employees and their families. This benefit can be a deciding factor for candidates choosing between job offers. Furthermore, providing life insurance coverage fosters loyalty among your current employees, reducing turnover and maintaining a stable, experienced workforce.
 
3. Employee Satisfaction and Peace of Mind
Employees who have life insurance coverage through their employer tend to feel more secure and valued. They know that in the event of an unexpected tragedy, their loved ones will be financially protected. This sense of security translates into higher job satisfaction, better morale, and increased productivity. Erie’s reputation for excellent customer service also ensures that your employees will receive the support they need when it matters most. 
 
4. Customizable Options
Erie Insurance understands that every company is unique, with different needs and workforce demographics. They offer customizable group life insurance plans that can be tailored to fit your employees’ financial needs.  Whether you’re looking for term or whole life coverage, Brock-Norton and Erie can work with your employees to design a plan that meets their needs and budget.
 
                                                              Coverage is available at rates as low as $4/week.
 
5. Easy enrollment. 
Our team will meet with your employees as a group to explain the plan and individually to enroll those who are interested in starting their coverage.  Employees apply individually and pay for the policies via post-tax payroll deduction.  Coverage is not guaranteed, but the application is simple and easy with no medical exam or lab work required.
 
 
6. Strong Partnership with a Trusted Provider
When you choose Erie Insurance, you’re partnering with a company that has a long-standing reputation for trustworthiness and customer satisfaction. Erie has been providing quality insurance products for nearly a century, and dedication to service has been their mantra since Day 1.  This partnership gives you and your employees confidence in the stability and reliability of your life insurance coverage.
 
Offering a group life insurance plan through Brock-Norton and Erie Insurance is more than just an employee benefit; it’s a strategic investment in your company’s future. By providing affordable, comprehensive coverage, simplifying administration, and enhancing employee satisfaction, Erie’s group life insurance plans can help your company attract and retain top talent while ensuring that your workforce feels secure and valued. In today’s business world, that’s a competitive advantage you can’t afford to overlook.
 
For more information, Contact Us today!

Whole Life Insurance
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Whole life insurance, sometimes called permanent life insurance, provides coverage for your entire lifetime. That means your family and beneficiaries are covered for the duration of your life. Whole life insurance accumulates cash value, too, providing you the option of borrowing against it. It’s a financially smart way to help protect yourself and your loved ones. You can even buy a separate policy for children, so they have coverage for their
entire lives.
To continue learning about Whole Life Insurance please click the button below. 
Whole Life​

Life doesn’t stand still. Neither do your life insurance needs.

If you have a quote or policy and haven’t reviewed it lately, you may be surprised to discover that what worked for you then may not not meet your needs now.

Luckily, going over your life and matching it with your life insurance just takes a bit of thinking. And a little math.

Here is how to do a quick review to know what you need:

• DIME - Use the DIME method to figure out your life insurance needs. Add Debt, ten years of Income, Mortgage payoff amount, and the cost of your children’s college Education.
• Type of Life Insurance - Do you need term life insurance (life for a fixed amount of time), or whole life insurance, a policy that lasts your whole life?
• Cost of Life Insurance - The price of a policy depends on your age, health, and the amount of coverage in the policy. There are many online calculators that can help.

These methods will give you a rough idea of what you need. But nothing can replace speaking with your insurance agent to get your life where it needs to go.

We all know a person who acts as the "face" of their company. Many times they are the business and without them we'd certainly feel a change in the day to day operations. But what would you do if that person left, became disabled or passed away? If your business relied on them to be financially successful, how would you recover? How long would it take to find a train a replacement? How much revenue loss would occur in that time frame? If you have ever grappled any of these questions, it is probably a good idea to purchase Key Person Insurance.

Key Person coverage uses Life Insurance and/or Disability Insurance, to protect businesses from financial loss should a key employee or owner die or become disabled. The majority of the time, the business pays for the insurance and is the beneficiary of the policy; but sharing the premium payments and benefit with the key person is also acceptable. This enables the company to use the proceeds from the life insurance to pay debts, recruit a replacement, or even close the business if necessary.

For example, Joan owns a small consulting firm and her top consultant was injured in a car accident. She learns that her best person is going to need surgery and be out for 8-12 weeks. Joan now has a back log of clients and no other employees with the knowledge or acumen to independently assist. Had Joan purchased a Key Person Disability policy (or Key Person Life policy with Disability rider), then she could use the benefits paid to hire another consultant, maintain payroll, or any myriad of things to help the business remain solvent while the employee recovers.

Did the example above resonated with you? Are you ready to put the proper controls in place for your business? Then call us today to find out how we can help you establish Key Person Insurance for those critical to your organization.


Life happens, let us help you be prepared.

Most people don’t start a business thinking about how it will end, but you should. Without a clear path of transfer or an exit plan, you could be leaving your employees and the business in limbo. Depending on the type of entity, there are various tax and legal implications if an owner passes away or divorces without preparing the entity. You or your partners, could now be forced into business with people you don’t know, or worse, don’t like.
 
So how can you prevent befalling this fate? Well one of the most important things you can do is draft a buy-sell agreement (BSA). A BSA can assist in the transfer of ownership interests and determine how involuntarily acquired shares/assets can be sold back to the company. Most BSAs are set up using Life Insurance to provide the funds needed for buy outs and buys backs upon the death or disability of an owner.  
 
For example, Tom, a 56 year old man owns a law firm with his partner John, 62. John suffers a heart attack and passes away, leaving his portion of the business to Sally, his wife of 40 years. Sally unfortunately is not an attorney and can provide no day to day value to the business and is not legally permitted to assist with caseloads as she is not licensed. Now Tom is in business with Sally, mourning his partner, and feeling overwhelmed by it all. Well, had Tom and John set up a BSA, the life insurance purchased by the firm on each of the owners would have provided the funds via the death benefit, to buy back Sally’s inherited ownership. This would give Tom full ownership and the ability to continue the business as is, or offer ownership stakes to a trusted and vetted new partner. It also allows Sally a cash buyout for John's final expenses and supplemental income without having to worry about whether partial payouts from the business can support her for the remainder of her life.
 
Did the example above resonated with you? Are you ready to put the proper controls/exit plan in place for your business? Then call us today to find out how we can help you establish a BSA for your organization funded by life insurance.

Life happens, let us help you be prepared.


Image from Kierman Law 2021