Voluntary, or worksite, products have historically been the most stable of all employee benefits, with prices rarely every changing. However, there are several scenarios where industry experts could see a potential for rate increases with these types of products in the future, so benefit brokers and advisers should be prepared to talk to clients about why.
One reason voluntary benefits have been consistent for the last few decades is because many voluntary options such as accident, critical illness, vision and cancer to name a few are most often filed with state insurance commissioners as individual policies on an individual platform despite being sold at the worksite, says Rob Shestack, senior vice president and national practice leader of voluntary benefits at AmWins Group Benefits in North Kingstown, R.I.
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