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Owning and running your own business is an achievement of note. But with this achievement comes certain responsibilities, especially if you have staff. You will need to invest in benefits for your employees, such as funeral cover for them and their family members. As an SME, you make up at least 50 percent of employment in the private sector, which means that you need to offer your employees valuable benefits to stay ahead of the competition.
You should be considering a group funeral cover for employees as it is cost-effective and necessary. While you might be focusing on the essentials, such as salaries, bills and fixed costs, it is important that you do not lose sight of providing benefits to your staff. If you are not sure whether group funeral cover is right for you, keep reading for the top reasons why SMEs need group funeral cover for employees.
Funerals can be costly
The costs of a funeral can add up very quickly, especially if your employees will be paying out of their own pockets. If you know some employees will battle to gather the funds together to pay for the funeral of a loved one, then you should invest in offering a group funeral scheme for your employees.
This money will be used to pay for the funeral of family member if they have chosen to include their family, or their family can use the policy to pay for the funeral of the employee should the worst happen while they are employed. One of the major advantages of offering a group funeral cover is that the health of your employees will not count against them, such as if one of them suffers from high cholesterol or diabetes.
There are no health checks
Now, as soon as an employer and employee hear the word “cover”, it is immediately assumed that there will be some form of a health check. And this can be daunting to your employees, but it is not the case with a group funeral cover. There are no health checks which take place, and employees cannot be excluded due to the condition of their health.
This type of cover is ideal for those who might be the sole breadwinners of their family and whose family will need to be listed on the policy. However, it is important to note that everyone will need to be completely honest on all paperwork regarding their health status and those of their families. This is because the service provider will need to be aware of any possible claims that could be made. It will also help you to monitor your employees and ensure they are remaining healthy and happy.
Benefits are applied immediately
One of the major advantages of offering a group funeral scheme to your staff is that all benefits will apply immediately to your employees. There is no waiting period stipulated by age, health, and seniority level, allowing all employees to have easy access to a policy that will protect themselves and their family.
There is no waiting period for confirmation of qualifying for the policy, however there is a waiting period for a claim which applies to all employees. If everyone has the same access to benefits, this will make for a less stressed workplace and happier employees. You will see their productivity improving, as they will know that they are covered for any eventuality. Speak to your employees and ask if they would like to include their families on their policy, as the benefits will apply to their family members too.
Their families can grieve and have closure
The death of a loved one is an especially stressful time, and it can be made worse by the financial strain of having to pay for a funeral. But if you offer your employees the chance to take out a policy with group funeral cover, then their families will be able to grieve properly and give their loved one a dignified funeral.
Not being able to provide a proper burial for a loved one can cause people to have an open-ended period of grief, which can be detrimental to one’s mental health. Similarly, fellow employees will also be able to grieve after attending the funeral of their colleague. Their morale will improve because of this and they will be able to move on in a peaceful and fulfilled manner.
It offers incentive
Offering your employees benefits such as group funeral cover provides an incentive for them to stay with your company. This will build loyalty in your staff and encourage them to work harder and be more productive, because they know that both them and their family will be protected during one of the most difficult times in their lives. Providing people with benefits as an SME will ensure that your employees have a high level of morale and that your company is successful.
The content in this article was provided by Rogerwilco – a South African marketing agency based in Cape Town.