Understand The Benefits of Voluntary Employee Life Insurance

by Brian Honan Employee benefits consulting firm

Voluntary employee life insurance is a plan for financial protection and provides a cash benefit to a beneficiary upon the death of the insured person. It is an optional benefit offered by employers and an employee can purchase at rates lesser than those available in the market.

Such type of voluntary employee life insurance can cover several benefits including dental, accident, and other mishaps. Being a crucial aspect of every enterprise, voluntary benefit plans should be properly strategized before implementation.

A huge range of voluntary benefit plans are available out there such as voluntary benefits plan dental insurance and accident insurance. There are other plans with ‘softer’ benefits that may include travel or ticket discounts, concierge services like collecting dry cleaning or gym memberships.

Let’s understand how the voluntary employee life insurance benefits a business:

Low or no cost

A company can offer voluntary benefits at no direct cost i.e. 100% paid by the employees. This leaves the businesses with just the cost of administration.

Control Over Rising Health Care Costs

With a constant rise in the cost of health care, employers have started to shy away from providing “cover all” primary health care benefits. Instead, they now consider less expensive coverage and offer their employees a wider range of voluntary health benefits to fill the gaps.

“77% of employees say the benefits package is an important factor in their decision making – To accept or reject a job.”

Interested in learning more about a beneficial voluntary benefits plan? Contact us today!