VOLUNTARY BENEFITS
Voluntary Benefits can be a way for businesses to manage costs and can help businesses round out their benefits package to create a more comprehensive offering that helps attract and retain employees. Voluntary means the employee pays 100% towards the monthly premium. This way results in the highest rate compared to non-contributory and contributory plan designs. Additionally, voluntary benefits have higher participation requirements.
Benefit Options
- Short-Term Disability
- Long-Term Disability
- Life/Dependent Life
- Standalone AD&D
- Critical Illness
- Accident
- Dental
- Vision
- Hospital Indemnity
Why offer ‘Voluntary’ Insurance?
With no added cost for the employer, voluntary benefits can be sold stand-alone or to complement an employer-paid insurance plan
Who can offer ‘Voluntary’ Insurance?
- Industry and group size are the main factors that determine eligibility
- For the most part, carrier specific eligibility requirements are the same for each line of voluntary coverage; however, this is not always the case. Each carrier has their own set of underwriting guidelines
- Most carriers require groups to have 5+ employees for voluntary insurance, however groups of 4+ employees may qualify for voluntary insurance (dependent upon group demographics)
- Groups of 2+ employees may be eligible for optional dependent life insurance (dependent upon group demographics)
Tips for Voluntary success
- Tap into small businesses – they are an underserved market
- Uncover employee needs – analyze existing benefits and employee demographics. Learn more about the challenges and needs of the employee group
- Consider how many benefits to offer – don’t overwhelm employees
- Be flexible – the “one-size-fits-all” benefits model doesn’t meet the needs of today’s diverse employee population
- Make the benefits affordable – Focus on needs based employee education and don’t over-sell
How to obtain a quote
Carriers require a company’s legal name and address, a completed census, inforce policy documents (if applicable), & a current invoice (if applicable)
FAQ
What are the benefits to employers?
Employers can provide a more robust benefits package to employees without affecting their bottom line. Employees pay 100% for voluntary plans, but get the benefit of a group rate through their employer.
What are the benefits to employees?
Voluntary Plans provide added protection for employees and their families — protection that includes life, disability, dental and vision. Employees have the flexibility, and convenience, to choose the Voluntary Plans that best meets their own personal needs.
