Check Out Our Employee Benefits Insurance Products
Help your business succeed by attracting and retaining talented employees. We can help your business, large or small, offer a wide range of group benefits.
LET'S TALK BENEFITS
Schedule a meeting with a benefit advisor:
- Free Case Analysis and Consultation
- Schedule in Person or by Phone
- Shared Screen Consultation Available
Offer your employees financial protection that helps control the rising cost of medical insurance
- Best of All—it Can Be at No Cost to Your Business
WHAT ARE VOLUNTARY BENEFITS?
Sometimes also known as supplemental insurance or employee-paid benefits, voluntary employee benefits are offered by the employer through the workplace where employees can choose to buy them in addition to the core employee benefits they may get as part of a benefits package.
Payment options are typically flexible. To suit their budget, companies can choose whether voluntary employee benefits are:
- Fully employee-funded
- Part-funded by both employee and employer
In their Voluntary Benefits and Services (VBS) survey, Willis Towers Watson highlighted four critical life needs that voluntary benefits fulfill:
- Health - typically helping employee well-being while minimizing health risk at a reasonable cost
- Wealth accumulation - protecting income and assets (Willis Towers Watson calls this one Wealth, but arguably, a more relevant term is “Lifestyle”)
- Security - protecting our survivors, vulnerable people, or even people’s identities
- Personal - products that cover what’s important to the individual interests and needs of the person
A SIMPLE GUIDE
What voluntary benefits are available?
There’s a huge range of voluntary insurance plans out there in the market, some examples include disability insurance, accident insurance, dental, or ‘softer’ benefits that may include retail or ticket discounts, gym membership, or ‘concierge services’ like collecting the dry cleaning.
According to Willis Towers Watson’s 2013 survey, the most common voluntary benefits under the four banners of health, wealth, security, and personal are:
Regular eye exams help maintain healthy vision and are the first line of defense in detecting more serious eye conditions, such as glaucoma, high blood pressure, and diabetes. Vision insurance typically helps pay for eye exams, glasses, and contact lenses. They may also offer discounts on treatments such as laser eye surgery or eye care accessories.
Dental insurance can provide benefits for both routine and more expensive dental procedures that are not covered by most health insurance. They typically include cleaning, fillings, sealants, tooth removal, crowns, and dentures—and may also provide benefits for regular dental appointments.
Accident insurance plans can help offset the unexpected medical expenses that may result from a covered accidental injury. Typically, they help cover some of the expenses for initial care, surgery, transportation and lodging, and follow-up care.
Critical illness insurance can complement major medical coverage by providing a lump sum benefit for an employee diagnosed with a covered critical illness, such as heart attack, stroke, coronary artery bypass surgery, end-stage renal failure, or major organ transplant—among others. Benefits are typically paid directly to the employee so they can be used where they’re most needed.
Hospital confinement indemnity insurance provides a lump sum benefit to help with out of pocket costs related to a hospital stay. This may include outpatient surgery, diagnostic tests, doctor’s appointments, and emergency room trips.
Disability insurance replaces a percentage of an employee’s income if they become disabled as a result of a covered accident or sickness to help them continue to make ends meet while they’re out of work.
Legal typically gives employees access to qualified attorneys at a reduced cost. Coverage usually applies to the most common personal legal matters including family, vehicle, real estate, civil lawsuits, and wills.
Financial counseling helps employees manage their finances. Traditionally, this has mainly focused on retirement plans, but as baby boomers approach the end of their working careers, financial counseling now also includes a range of topics such as credit card debt, investment advice, tax advice, saving, and budgeting.
Life insurance pays out a lump sum to help provide financial protection for an employee’s family members in the event of the employee’s death. Coverage can be updated to reflect changes in life such as getting married, buying a home, or having a child. Most plans offer spouse and child coverage.
Long-term Care Insurance
Long-term care insurance pays a daily amount (up to an agreed pre-set figure) to help provide for people who need long-term help with day-to-day activities such as dressing, eating, using the toilet, getting in and out of bed or a chair, and walking, among others. This may include care at home, daycare, care at a hospice or nursing home, or at a similar facility.
Personal Travel Accident
Travel accident insurance is designed to provide extra protection while traveling internationally, supplementing coverage typically provided by accidental death or dismemberment policy. It typically covers emergency medical and legal fees.
Identify theft insurance does not cover any financial loss as a result of identity theft. Instead, it may include monitoring public records and alerting the employee to any fraudulent use of their personal details, including attempted loans and credit applications. It also covers the cost of repairing a person’s credit history.
Personal voluntary benefits are those softer offerings that help meet an employee's particular lifestyle needs. These may include:
- Discount merchandise
Automobile, homeowners’, or pet insurance
- Concierge services - anything from help booking holidays, shopping, finding tradesmen, or picking up dry cleaning
- Umbrella insurance - extra liability insurance against claims and lawsuits above and beyond that typically provided by homeowners or automobile insurance
Willis Towers Watson predicts that identity theft protection, critical illness, pet insurance, and even student loan repayment programs are likely to see the fastest growth in the next few years.