Your checklist for group insurance renewal
Prepare by asking yourself these questions.
Questions to ask before your annual renewal
As you evaluate your employee benefits now and for the future, reviewing these points can help smooth out the process—so you can build a benefits package you and your employees feel confident in.
Have you reviewed your existing coverage?
Benefit needs for your organization may change over time. Log in to review current employee benefits. Now is the time to add or remove benefits.
Are your benefits staying competitive among your peers?
Benchmark your employee benefits to see how they compare to other organizations of your size, industry, and region.
Are your employees taking advantage of free or discounted services?1
Help employees live their best lives—financially, mentally, and physically—by promoting discounts and services available through Principal® group benefits.
Emotional health support line. Employees with group insurance have access to this service to get help when they’re feeling overwhelmed or need support.
Employee assistance program (EAP).2 Employees with group disability insurance have access to an EAP to help them with life’s everyday—and not so everyday—challenges.
Legal documents and travel assistance. Employees with group life insurance have access to create simple legal documents online, and also have access to travel assistance.
Discounted services. Employees and their dependents receive discounts on laser vision correction and hearing aids. These discounts are not insurance.
Have you made staffing changes?
Review your employee base. New hires, retirements, and shifts in the average age of your workforce may call for some benefit adjustments. And shifting full-time employees to part-time may mean they're no longer eligible for benefits.
Who pays the insurance premium?
You can offer a combination of employer-paid and employee-paid (voluntary) coverage. If budget is tight, employees could pick up the entire cost of the premium with voluntary group benefits.
Is employee salary information up to date?
Renewal is a good time to update employees’ salaries. This will ensure records are accurate if an employee makes a claim.
Anticipating a merger or acquisition?
Even if the change is well into the future, you may want to plan now to potentially adjust your benefits.
Did you know employees can easily increase life insurance every year?
When you offer Principal voluntary term life insurance, employees can increase their coverage every year during enrollment—without having to answer health questions or make a medical appointment.3
Build a comprehensive benefits package.
Do you have the ease of managing your group insurance in one place? Principal offers these group benefits—and our multi-product discount may save you and your employees money.
Value of offering employee benefits
58% of business owners say employee benefits help improve workforce productivity.5
65% of business owners say employee benefits improve retention.5
54% of employees are placing a higher value on insurance benefits now than they did before the pandemic.6
We're here to help.
For assistance contact your Principal representative or group benefits broker.
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