Voluntary benefits have been gaining traction with employers and employees everywhere as valuable supplemental coverage to a core benefits package. In today’s age of skyrocketing medical costs, programs like disability, accident and critical illness insurance are great complementary coverage if an employee becomes ill or injured.
While these primary plans have been garnering most of the attention of employers, a number of voluntary work-life plans are on the market that are also very important in employees’ daily lives yet are often overlooked. We may have many clients that can offer them to their employees with positive results. Plus, they are easy to implement and are generally available to employees at special group discounted rates through payroll deduction.
Some popular work-life plans include:
• Identity theft protection: Identity theft is on the rise, and this plan can help victims of this crime manage the cost and work involved with clearing their good name and credit.
• Auto and homeowners insurance: Critical protection typically available at group rates.
• Legal services: Pays benefits to help employees obtain the services of licensed attorneys for legal matters such as will preparation, real estate purchases and more.
• Pet insurance: Helps employees get their beloved family friend the care they need by helping them manage their veterinary costs.
• Discount purchase program: Easier credit qualification requirements and a payroll-deducted payment plan can help employees make necessary purchases for their households.
As you discuss your clients’ voluntary benefits needs, consider adding a work-life option into the mix. Not only do they provide important coverage, but they can also serve as conversation starters to an employer’s comprehensive voluntary benefits menu and help drive participation among all of the options. That makes them even more valuable to employers and employees alike.
Doug Mantz is Vice President of Sales at The Farmington Company, a national provider of benefits communication and voluntary benefits services. He has over 20 years of industry experience, including on the carrier side. Doug is a published author and has spoken on a variety of industry topics. He is a graduate of Boston College with degrees in Economics and Sociology.
Doug can be contacted at dmantz@farmingtonco.com or 1-800-621-0067, extension 6703. For more information about The Farmington Company, please visit www.farmingtonco.com.
