What are Voluntary Benefits?
Voluntary benefits are typically individual insurance policies that are employee-paid and workers can opt to apply for them.
What kinds of coverage’s are available?
Critical illness – A policy that provides a single cash benefit to policyholders if they are diagnosed or treated for critical illnesses such as heart attack, stroke, coma or paralysis
Hospital Indemnity Plans -A “Gap Filler” and effective design for higher deductibles and co-pays of health plans.
Accident – A policy that allows policyholders to stay ahead of medical out-of-pocket expenses that can add up quickly after an accidental injury. When a covered accident occurs, cash benefits are paid directly to the policyholder (unless otherwise specified).
Dental – A variety of policies that help workers pay for dental services, including additional care such as x-rays, sealants and emergency oral evaluations. Ranging from term l
Life insurance – life to whole life policies, life insurance takes care of beneficiaries’ immediate and future financial needs following the plan participant’s death.
Short-term disability – A policy that pays benefits (i.e., a monthly amount that is a percentage of the policyholder’s gross income) for a period of time while the policyholder is disabled.
Non-insurance voluntary products are also available
Legal services products – Most employees will require legal assistance at some point in their lives, and these plans cover a wide range of legal needs including will and estate planning, personal disputes, purchasing a home, etc.
Identity Theft Protection Program – helps protect employees against damages caused by identity theft.
Employer paid Partial/Full options include
Group Life and Disability – Group life and disability coverage is an affordable way to help employees to obtain coverage.
Term Life – Term life insurance with various coverage options, such as:
- The same flat amount of coverage for all employees,
- Coverage based on a multiple of employees’ salaries, or
- Different levels of coverage depending on employees’ classification
Accidental Death and Dismemberment (AD&D) – Provides lump sum cash benefit for a death or dismemberment due to accident only, on or off the job.
- Dependent Life – Term life insurance at low group rates for spouses and dependent children of employees.
- Short-Term Disability – Pays benefits for employees when their income is temporarily interrupted by an accident or sickness.
- Long-Term Disability – Provides income protection for employees, as well as support and assistance to help impacted employees return to work.
So many choices how do I know what’s right for me?
The products come in many different plan designs as well as several options on how you can qualify and apply for them. Whether you are part of a company large or small who offer supplemental benefits as part of your benefits package. A self-employed farmer who wants better coverage for their family see your local Farmers Union agent about the plan that best suits you and your family’s needs