Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

other popular voluntary benefits

THE MULTI-GENERATIONAL SAFET Y NET

6 TRENDS IN VOLUNTARY BENEFIT PRODUCTS

Employee Convenience/Discount Purchasing With the average American employee continuing to experience financial stress, it can be difficult to purchase affordable, essential or life-enhancing household items and services. For several years, Employee Purchase programs have provided discounts on computers, electronics and home appliances. Recently they’ve branched out to provide discounts on furniture, home fitness equipment, power tools, grills, baby and children’s gear, travel/vacation clubs, and entertainment services. These plans don’t always offer products and services at a discount, and sometimes their allure is purely for convenience. When they do offer purchasing opportunities at a discount, these plans help employees stretch their income. Personal Excess Liability Umbrella One traditional product that has nothing to do with managing the financial impact of illness is Personal Excess Liability insurance. This provides protection beyond the employee’s primary personal liability coverage and begins when that coverage has been exhausted. Employees are offered a range of limits to choose from and charged a corresponding premium amount through payroll deduction. The policy covers personal liability lawsuit damages for which an employee or a covered household member may be legally responsible. Legal defense costs for a covered loss are at the carrier’s expense and in addition to the policy limit. Incorporating Personal Risk Management benefits into an executive benefits portfolio is a powerful strategy for attracting and retaining the best top-tier candidates. Group Legal Sooner or later most people need the services of an attorney. Group Legal plans provide convenient, affordable, and reliable legal consultation with a licensed attorney. Coverage can apply to estate planning (wills and trusts) or common legal issues, such as landlord-tenant disputes, document/contract reviews, traffic violations, auto collision claims, and even immigration. Group Legal plans often pay for themselves with just one use. Attorney fees are typically high, and the protection offsets the expense. Studies show that most employees who are enrolled in a Group Legal plan use it about five times a year. This service also helps to reduce on-the-job stress (presenteeism) and employee down time (absenteeism) which improves business productivity. Home/Auto Unlike traditional open-market Home and Auto insurance plans, those offered as part of a group employer-sponsored Voluntary program can increase the opportunity for employees to be accepted by a carrier with additional savings on the premium. A Home and Auto program is often perceived as a valuable Voluntary Benefit solution. Most Home and Auto carriers working through Voluntary workplace programs can offer employees competitive quotes to compare with their current policies.

OTHER POPULAR VOLUNTARY BENEFITS

ACCIDENT INSURANCE

CANCER PROTECTION

CRITICAL ILLNESS

DISCOUNT MEDICAL, DENTAL, VISION, PRESCRIPTION

EMPLOYEE CONVENIENCE/DISCOUNT PURCHASING

PERSONAL EXCESS LIABILIT Y UMBRELLA

GROUP LEGAL

HOME/AUTO

HOSPITAL CONFINEMENT/MEDICAL BRIDGE

PET DISCOUNT CARE

VOLUNTARY DENTAL

VOLUNTARY SHORT-TERM DISABILIT Y & LONG-TERM DISABILIT Y

VOLUNTARY SUPPLEMENTAL LIFE

VOLUNTARY VISION

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