Premiums on Term Life Insurance policies vary and depend on the size of your group and other factors. You might opt to pay the entire premium for your employees. Alternately, you might require employees to pay part of the premium via a payroll deduction.

Your life insurance premiums are also not fixed. Your insurance company will review your policy on a regular basis and adjust the cost per employee up or down depending on factors such as these:

• Face Value. If you change the face value of the death benefit or one or more of your employees moves to a different benefit class, the premium may change.
• Group Size. If you hire more people as your business grows, the cost per employee will be adjusted down.
• Age. As your group ages, the cost per employee will be adjusted up.
• Gender. Insurance companies consider the ratio of female to male employees when determining premiums, since women statistically live longer.
• Nature of Your Business. If your employees work in an occupation that is considered hazardous, you will pay higher costs per employee.