Voluntary benefits

Intending to combat the cost of absenteeism, workplace disruptions or a significant change in productivity due to an employee with child or elder care worries, employers are starting to offer Care.com's Workplace Solutions as an employee benefit. Distributable through brokers, the online platform and consulting service helps families find every day, back-up and occasional care across the U.S.

The 1988 Paralympic Games in South Korea changed my outlook on disability - and ultimately helped shift the focus of my group benefits career to disability income insurance and instilled a strong belief in an advocacy-based approach.

Employees know very little about disability coverage. But when they learn about it, they often want the coverage and are willing to pay for it, recent surveys find. The Consumer Federation of America and Unum national survey of 1,200 employees finds that only 13% know "a lot" about disability insurance, and less than half (47%) know what its benefits are.

Prudential Group will discontinue sales of new group long-term care insurance policies effective Aug. 1, 2012, except in Indiana, Iowa, Kansas, Louisiana and South Dakota, where it will continue for a period as required by state law. In March, the carrier announced that it would discontinue the sale of individual LTC products to focus solely on its group line.

Voluntary accidental death and dismemberment coverage received the highest rating (43%) from leading carriers selecting it as a ‘very profitable’ product line, according to The Frontline Report, Worksite/Voluntary Product Trends 2012.

Today, this one market is estimated to be a $40 billion industry in the United States, says EBA contributor Sam Fleet. He shares in today’s BeAdvised why approaching this market with a broader view can provide an opportunity for brokers to adapt their business models and thrive, especially as the new health care landscape takes shape.

Life combination products grew 56% in 2011, according to LIMRA's "2011 Individual Life Combination Products Annual Review." This was the third consecutive year of double-digit growth.

Ellen M. is a 47-year-old single mom whose 4-year-old son is diagnosed with pervasive development disorder not otherwise specified, a disorder on the autism spectrum.

When asked about their experience with selling workplace voluntary benefits, most brokers often give one of two replies:

Employees know very little about disability coverage. But when they learn about it, they often want it and are willing to pay for it. A Consumer Federation of America and Unum national survey finds that only 13% of surveyed workers know "a lot" about disability insurance, and less than half (47%) know what its benefits are, according to the survey of 1,200 employees. Yet, when informed about DI, a majority (90%) want the coverage, and 86% are willing to pay half of a $30 average monthly premium, and 56% are willing to pay the entire premium in order to gain income protection should they become disabled. According to a 2012 Social Security Fact Sheet, almost 1-in-4 of today's 20 year olds will become disabled before age 67.

When it comes to voluntary auto and home insurance, brokers can't be afraid of the unknown, says Liberty Mutual's Mark Parabicoli.

In Greek mythology, Sisyphus was a king condemned by the gods in the afterlife to pushing a huge boulder to the top of a steep hill, only to have it slip from his grasp each time and roll back to the bottom, a frustrating and unproductive task to be repeated over and over.

With employers seeking to show the value of all their benefits in this ever-increasing competitive job market, Benefitfocus, a benefits technology company, recently debuted an online marketplace for employees to shop for benefits, voluntary products and more.

Anyone doubting the sustainability and projected growth of mobile technology should take heed of these statistics from technology and communication leaders Qualcomm Life and Virgin HealthMiles.

Even as the Middle East has become a major business and tourist hub, U.S. companies that send executives to the area or hire local workers still express dissatisfaction with the insurance markets.

Life combination products grew 56% in 2011, according to LIMRA’s “2011 Individual Life Combination Products Annual Review.” This was the third consecutive year of double-digit growth.

Nearly three in four Americans say they are concerned about their ability to support themselves should they become unable to work due to a disability.

The annual MetLife Study of Employee Benefits Trends, which tracks major trends and attitudes on the subject of employee benefits, was recently released and it has a good news/bad news message for employers. EBA contributor Ron Leopold shares five ways progressive employers stand out in the benefits arena.

An effective dialysis management program optimizes the way kidney dialysis is paid for and how treatment is provided. Read as Sam Fleet explains in today's BeAdvised how insurance brokers can help companies capture these savings by bringing them together with innovative benefit managers.

There are questions about the future of the group long-term care market, as two insurers have stopped offering the product in the past 17 months.