Do you have contractor clients or prospects that bid on government projects – federal, state or local? Most likely those employers are subject to the provisions of the Davis-Bacon Act, Service Contract Act or select Taft-Hartley groups with available benefit funds.
If yes, Fringe Assist wants you to read further about an exciting new offering.
In conjunction with MassMutual (A++ rated by A.M. Best), we are pleased to announce the first and only program that allows employers to utilize a Participating Group Whole Life product to satisfy the “bona fide” employee benefit requirements of these regulatory statutes.
Here are some key features:
Employer-paid premiums using Health & Welfare dollars are utilized to provide the benefit
Premiums range from $50 – $450 per employee per month
Death benefits up to $500,000
All coverage is guarantee issue
Premiums, death benefits and cash value increases of 4.5% are guaranteed. And, the policy is eligible for dividends at the current rate of 6.4%
Coverage is fully portable at termination of employment with no change in premium or benefits
This is a win for everyone – the agent, the employer and the employee.
As an agent, be the first to offer a targeted product that does not exist in the prevailing wage market today. And do it in a manner that generates significant financial opportunity for you—strong first year commissions and a residual commission year two—without the need to disturb existing plans and relationships.
For employers, the tax savings generated by providing a “bonafide” employee benefit enable plan sponsors to bid more competitively while simultaneously providing a meaningful benefit that will aid in attracting and retaining top talent.
The employee and their family benefits as well via greatly enhanced long-term financial security and avoiding the risks associated with over-reliance on group or individual term insurance.
Fringe Assist can help you in developing an offering while educating you and your team on the nuances of the program—please contact us if you have any questions!
About Fringe Assist
Fringe Assist was formed by four leading benefits and prevailing wage industry experts with over 100 years of combined experience and a long track record of success.
Fringe Assist uncovered a void in the marketplace that others had not recognized. Permanent life insurance, one of the key pillars of employee financial security, was not available to workers in the prevailing wage market. And while group term life is often provided, the risk inherent with over reliance on employer provided group term life is profound.
Working in conjunction with the leading life insurance carriers in America, Fringe Assist has developed a proprietary group permanent life insurance solution that is now available to government contractors for the first time.