Voluntary Benefits
One significant, but often overlooked, opportunity for companies to maximize their benefits programs is to increase employees’ options through offering voluntary benefits.
When it comes to voluntary benefits, employees like the convenience and time savings of buying at the workplace, the ease of payroll deductions, and benefiting from the group rates offered.
Life
Voluntary term life insurance is a valuable benefit that may be used to supplement the employer-provided basic life coverage. It can provide employees an opportunity to further secure the financial future of family members at affordable group rates. Voluntary term life insurance provides yearly renewable term insurance. Eligible employees usually pay 100% of the voluntary term premium costs.
Disability Insurance
Disability coverage provides employees with affordable protection for one of their most valuable assets – their paycheck. Missed time at work can mean lost income. Disability insurance can replace part of that income so the employee can focus on the recovery process.
Long-Term Care Insurance
Long-term care insurance is the cornerstone of a solid benefits package because it offers employees an affordable way to help protect the retirement savings you’ve helped them build. Voluntary long-term care insurance provides your employees access to coverage which helps protect their financial future. Group policies are available to spouses, parents, adult children over 18, and other family members. Many carriers offer a discount for groups as small as three and simplified underwriting which makes the approval process quite simple.
Travel Insurance
In the event of a travel accident, insurance is essential to cover unexpected medical costs. A personal emergency may require an early return home or a medical emergency may require hospitalization or even air evacuation. In most cases, your health insurance will not provide adequate protection for these risks. Without appropriate travel accident insurance, employees may be exposed to significant financial liability.
Group Legal Plan
A voluntary group legal plan is an easy to administer benefit that provides your employees with professional legal counseling at virtually no cost to you, the employer. Legal plans offered as voluntary programs are typically paid for by the employee through payroll deductions. Companies wishing to invest in the overall well-being of their employees find that it is a great choice to enhance a benefits package.
Aflac and Other Voluntary Benefits Providers
MBL offers Aflac’s full range of products and services along with other leaders in the voluntary benefits field. As Aflac’s family of products has such strong brand recognition, it may help your business attract and retain employees. It is a cost-efficient way to provide employees with the benefits they need. In times of financial uncertainty, lowering costs while maintaining the quality of benefits offered is paramount. You can choose from a wide range of insurance policies that can help your employees with life events – from accidents, to intensive care, to life insurance. Employees particularly like these benefits as they are 100% portable should they leave the company.
