How Voluntary Benefits Can Create Wins for your Organization
By Paul Finnell —
“Employee demand makes voluntary benefits mandatory for employers,” Entrepreneur Magazine reports. “Employees want to tailor their benefits packages to better fit their needs, and voluntary benefits allow them to do just that.”
At G&A, we’ve been one of very few brokers in our state with our own licensed and appointed department offering voluntary benefits. Voluntary benefits are insurance products employees elect to add to their plans to fill in coverage gaps, paid for through payroll deduction. Voluntary benefits might include:
- whole life insurance
- accident insurance
- critical illness insurance
- disability insurance
- cancer insurance
- dental insurance
- vision insurance
Voluntary benefits create “wins” for both employers and employees:
- When employees are satisfied with their benefits package, they are more likely to stay loyal to the company. An AFLAC survey mentioned in the Entrepreneur article revealed that employees who were offered voluntary benefits were more likely to be satisfied with their job.
- The voluntary benefits relieve employees’ financial pressure and increase their confidence in their financial future. Again, happier employees are able to focus on their work, benefitting employers.
- Most voluntary benefit insurance policies are owned by the individual employees, which allows them to keep those policies even if they leave the employer.
- Unlike the case with employer provided benefits, employees can purchase whole life insurance policies for children and even grandchildren.
- Since each insurance carrier needs to send just one invoice for all the employees of any particular organization, both employers and employees experience significant cost savings.
- With Gregory & Appel being seasoned pros in the voluntary benefits marketplace, several of our insurance carriers are willing to offer guaranteed issue policies to our clients. That makes insurance accessible to employees and family members who might otherwise not qualify.
Not only are voluntary benefits finding their way into corporate enterprises – we work with hospitals, school corporations, city and county government establishments. A Towers Watson Voluntary Benefits and Services Survey concluded, “As employers consider their health care and total rewards strategies, nearly half expect voluntary benefits and services to become more important than ever.”