Why Employers Offer Voluntary Supplemental Insurance?

Here are a few benefits that help you understand why employers offer voluntary supplemental insurance-

Recruit and retain employees

The supplemental insurance plans are an important part of an attractive employee benefits offering. A study finds- ‘7 out of 10 employers offer voluntary benefits to improve morale for their existing employees and attract and retain new talent.’

It has been suggested that companies’ today need to offer benefits that people value and opting for voluntary whole life insurance turns out to be the best option. The benefits are customizable, so an employee can mix and match the plans.

Set up is easy

Supplemental insurance plans are easy for employers to administer. These plans add little to no cost to the overall benefits. Many supplemental plans are paid for by the employees and are affordable.

Complement non-traditional benefit programs

According to PwC’s of 2017 Employee Financial Wellness Survey- ‘52 percent of workers overall are stressed about their finances and 45 percent say their finance-related stress has increased over the past 12 months.’

The employees are looking for ways to help alleviate financial stress and make the most of the resources. With supplemental whole life insurance, the employees can get cash benefits which they can use according to their wishes.

Getting in touch with a professional health insurance broker can help you get the plans for your employees.