Voluntary benefits

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.

Throughout his 35-year career in the employee benefit business Larry Brodsky has come across few opportunities to introduce a product to an employer that is both new and almost universally appreciated. The president of Lawrence S. Brodsky Agency in Palatine, Ill., found such a product about two years ago after a Web search for pet insurance introduced him to Pet Assure. Not an insurance program - but a discount plan for pet owners.

How well is your agency managed? Is it being managed to generate maximum top-line revenue and maximum bottom-line profit?

When the recession hit, older employees put the brakes on their retirement plans and companies shelved plans to hire, train, develop and promote younger talent. With the economy growing again and retirement savings beginning to recover, baby boomers are again thinking about retirement. As a result, employers are again thinking of ways to attract, engage, and retain new talent.

As advisers continue to look for ways to become more of an asset to their clients, medical tourism is a field that continues to evolve and grow, often saving employers and employees tens of thousands of dollars in the process.

It used to be commonplace to find employees of Las Vegas-based Insurcorp at the casinos at 2 a.m. Not to blow off steam after a long workday, but to continue it, conducting benefit meetings for graveyard shift staffers.

In a new report titled Opportunities in Reaching the Middle Market with Life Insurance: New Pathways to Growth, Conning estimates the middle- market life insurance protection gap to be $10.2 trillion - a 56% increase when compared to the firm's last study of the middle market in 2006. The total protection gap across all income brackets has more than doubled.

Not only is it painful for an employee to hear the news that their loved one has suffered a heart attack, but the unforeseen costs of health care will soon take a physical, emotional and financial toll if they are not prepared.

Americans may be overly optimistic when it comes to thinking they won't ever be diagnosed with a serious illness or experience an accident, according to a recent survey.

More plan sponsors continue to start wellness programs, while the majority of organizations with programs currently in place are looking to expand and invest, according to the 2011 Willis Health and Productivity Survey by Willis North America's Human Capital Practice.

Although it's hard to start a conversation about death and dying, providing employees with a benefit option that will help them ensure their end-of-life affairs are in order can not only provide peace of mind, but also can keep loved ones from paying a heavy price both emotionally and financially for a funeral they were not prepared to plan.

One of our clients, a Midwest employee benefits agency, came to us with a serious problem. Revenues were down 19% over the previous year, despite an increased marketing budget. They spent their $137,000 budget on brand-building - including a $15,000 sponsorship of the 18th hole at the local pro-am celebrity golf tournament, a $10,000 sponsorship of the Heart Gala, full-page glossy ads in the local business magazine and half-page ads in the weekly business paper. While they couldn't say for certain what, if any, new business resulted from these efforts, the net result was an almost 20% drop in revenue. Not surprising, but still a terrible waste of resources.

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.

While the ever-rising cost of health care continues to be a top concern for employers and employees alike, there is at least one employee benefit headed in the opposite direction. "I always facetiously use the phrase 'life is cheap,' says Bob Harnett, vice president of Lutherville, Md.-based Silberstein Insurance Group. "Life insurance on an employer-paid basis has gotten to be very inexpensive."

Ellen M.* is a 47-year-old single mom whose four-year-old son is diagnosed with something called pervasive development disorder not otherwise specified, a disorder on the autism spectrum. While he's very verbal, he sometimes struggles with expressing his needs. He has behavioral issues and several other medical issues, such as vision and gastrointestinal problems.

Employers want more timely access to reporting and more transparency from their wellness vendors, according to a recent survey of 430 employers conducted by OptumHealth.