It’s difficult and expensive for contractors to attract the skilled workers they need to be successful in today’s economy. To succeed, business owners need a new way to reward and retain their top talent and to distinguish themselves from their competitors. Today’s workers and their families seek financial security. This includes retirement savings, health insurance and life insurance that never expires. Lack of financial security leads to stress, reduced worker productivity, and a whole host of other problems.

Little attention has been paid to how life insurance contributes to financial security. Most companies only provide group term life insurance, which provides a fixed death benefit only for the term of employment. Whole life insurance, however, is the best-known form of permanent insurance and provides a fully portable, permanent, death benefit as well as cash accumulation to enhance financial security, for as long as the employee retains the policy.

For the first time, group whole life insurance, designed specifically for the needs of contractors, is now available. It combines the traditional advantages of whole life plus adds features designed specifically for contractors such as group rates, portable coverage and guaranteed underwriting.

Government contractors can also realize significant payroll burden savings when they add group whole life to their benefits package.

Unlike term insurance, group whole life insurance provides long-term financial security for workers and their families that has been absent from the construction industry. As a result, companies that offer group whole life as an employee benefit are able to retain and attract top talent better than their competitors. This can provide a critical advantage in today’s economy.