Reassess. Make it a point to re-evaluate your group life policy each year. If the average age or number of employees changes, your premiums could decrease.

Cafeteria plan. Life insurance is often times part of a cafeteria plan, a menu of benefits that an employee can choose from. If you don't think group life insurance will fit into your budget, try adding it as an option in a cafeteria plan.

Education. Inform your employees about group life insurance, how much coverage is offered, and how it will protect them. Employees should be aware that group life is generally considered a supplement and that it's a good idea to purchase an additional policy to protect their family financially. The Insurance Information Institute suggests a person should have a policy for five to eight times his or her salary.