While the ever-rising cost of health care continues to be a top concern for employers and employees alike, there is at least one employee benefit headed in the opposite direction. “I always facetiously use the phrase ‘life is cheap,’ says Bob Harnett, vice president of Lutherville, Md.-based Silberstein Insurance Group. “Life insurance on an employer-paid basis has gotten to be very inexpensive.”
Thanks in part to decreasing mortality rates, the drop in cost for this perennial group benefit has also led to richer plan designs and increased commoditization – which accounts for the mounting popularity of pairing a base group product with customizable voluntary supplemental life.
