Voluntary benefits

Applying the lens of behavioral economics to benefits choices helps employers understand why employees choose or don’t choose certain voluntary benefits.

While small employers may understand the benefits of long-term disability insurance to their workforce, many have misconceptions about its cost and may underestimate the desire employees have for this coverage.

More brokers are inquiring about the product these days, and industry experts anticipate recent growth to continue as awareness spreads.

Benefit advisers can be a ‘vital’ resource for low-income earners who, according to new research, need better understanding of and engagement with their employers’ benefit offerings.

If done poorly, the introduction of voluntary benefits can lead to a frustrated workforce that doesn’t have the right insurance.

Achieving better enrollment rates for voluntary benefits depends on high-quality, relevant data.

Data suggest a strong correlation between an employee’s overall sense of confidence in the future and the benefits they participate in at work – particularly non-medical benefits such as life insurance, accident insurance and critical illness insurance.

Brokers need to change the conversations they are having with clients away from the Affordable Care Act and toward other topics, including voluntary, since little will change with the law until the next presidential inauguration, a carrier rep says.

Most disabilities, on average, can keep an employee out of work for roughly three months, and yet, only about a quarter of employees say they currently have disability insurance.

Multiple signs point to growth in voluntary benefits sales, but employers would like to see a change in how their employees sign up for the benefit, according to new LIMRA data, released Tuesday.

There’s plenty of complexity when it comes to determining premiums, and brokers can help clients understand exactly what’s in their policy.

Commentary: By reframing and renaming these benefits, you can avoid any knee-jerk reaction to or bias against “voluntary benefits,” says columnist Nelson Griswold.

There are a variety of solutions available that brokers can suggest to clients who are seeking to attract and retain millennials, who often have yet to build financial savings.

Commentary: When evaluating the nonmedical space and the products with the greatest level of applicability to an employee, auto and home insurance provide significant protection, comfort and well-being to an employee and their family.

It's the “Big B, little b” conundrum. Big B benefit plans are usually subject to ERISA and require specific administration. Little B “benefits” are those perk and extras we offer to employees to be competitive in the market or to improve employee morale.

It’s not often a company finds itself in a market position where it has the flexibility and agility of a newcomer, along with a storied history that provides name recognition and a solid base of existing expertise. Global financial services giant AXA is in this sweet spot as it enters the U.S. employee benefit business for the first time.

Commentary: Additional benefits or coverages that adapt to an employer’s needs can create a niche offering that often can help employers think holistically about their employees’ financial future, says The Standard’s Breanna Scott.

In as bold a move as its strongest blend, coffee powerhouse Starbucks late Monday upped the ante to its college degree program the company first unveiled last summer.

Voluntary business is a well-known tool for brokers to increase their revenue while offering new products. But many employers are hesitant to add these products because of additional administrative burdens they can require. Enter the private health care exchange, says Carlos Ferrera, COO of Solstice Benefits and the Solstice Marketplace. With an exchange, the burden is gone, he says.

Commentary: The loyalty and bonds of the fire department can translate well into a successful insurance culture, says retired fire fighter, Colonial's Brian Summers.