How Voluntary Products can Enrich your Benefits Offering

How Voluntary Products can Enrich your Benefits Offering

  May 24, 2023

Written by – Kevin Pulido, SEB Marketing team

Benefits advisors are crucial in helping employers, their clients, design, implement, and manage employee benefits programs. Offering an enhanced voluntary benefits package can complement their benefits program and offer employees an option to purchase additional insurance benefits that they may not have otherwise had access to. Employers can stand out in a competitive marketplace without driving up benefits costs, as the employee pays for all or a portion of the coverage.

By offering a robust suite of voluntary products, benefits advisors can provide a more comprehensive benefits package to help their clients attract and retain top talent and ensure that their employees are financially protected. Employees appreciate having access to insurance coverage with better rates than they could get on their own, with little or no underwriting or administration. Some of these products are even portable, meaning the employee can opt to continue the coverage if they leave the organization.

Here are some voluntary products that can enrich your client offering.

  1. Critical Illness Insurance: Critical illness insurance provides a lump-sum payment if an employee is diagnosed with a serious illness, such as cancer or heart disease. This payment can be used to cover medical expenses, lost income, or other expenses related to the illness. Critical illness insurance is a good choice for any employee to purchase, as provincial insurance doesn’t always cover everything.
  2. Accident Insurance: Accident insurance pays a cash benefit when an insured or covered family member suffers an accidental injury and can include medical expenses, lost income, and other expenses not covered by health insurance or any employer medical or disability insurance coverage they may have. Accident insurance can benefit employees in high-risk activities like sports or outdoor recreation.
  3. Pet Insurance: Pet insurance provides coverage for veterinary expenses if an employee’s pet becomes ill or injured. This type of insurance can particularly appeal to employees who consider their pets an essential part of their family.
  4. Legal insurance: Legal insurance provides access to legal services, such as an online platform to prepare a legal do-it-yourself will. This can be especially beneficial for employees who may need legal assistance to plan and manage their estates ensuring their conditions are met and in compliance with the law.
  5. Home and Auto Insurance: Protects individuals and families from financial loss related to their homes and vehicles. Safeguard against risks such as fire, theft, vandalism, and certain natural disasters. This is protection that most employees need to purchase and is attractive as they are offered to employees at group rates.
  6. Retirement benefits: A retiree insurance solution can offer an option to retiring employees and their families to continue coverage for health and dental benefits.  This can be attractive to employers as it can relieve them of escalating retiree benefits costs and long-term funding obligations, while ensuring there is protection in place for their retiring employees.

For some more examples of popular voluntary products, check out this page.

Voluntary products will not only enrich your benefits design offering to your clients but will also provide you with a competitive edge as you create a benefits package that meets their diverse needs.