Voluntary benefits

The mid-size market is a bright spot for voluntary sales in an otherwise stagnant economy, according to LIMRA research.

Voluntary home and auto benefits are an increasingly important part of many brokers' product arrays - and revenue streams.

The idea I'm about to share with you is the second most valuable idea I'll provide you this month.

When it comes to addressing end-of-life needs and services, most people know it's important to plan ahead, but many put it off because they would rather not have to think about the topic. It's the aim of companies such as Everest and Hyatt Legal Plans to make those necessary preparations and subsequent requirements as simple and beneficial as possible.

Last week LTC Financial Partners, LLC (LTCFP) announced the formation of a new division called Worksite Academy to help solve a critical problem for employers: maintaining productivity with an aging workforce.

Growth in the long-term care market has been on the upswing the past several years. The turbulent economy and recent changes to health care have increased awareness of this valuable protection. Employers are taking this time to re-evaluate their employee benefits and many see LTC insurance as a product that can be easily added to a benefit plan without a lot of additional costs.

Want to know how workplace voluntary benefits can be your new secret weapon in sales? Read on. But first, a tale of three benefit brokers...

Entering the supplemental medical services market should be a no-brainer for employee benefits producers looking to expand their revenue stream and diversify business in the wake of health care reform. With a growing number of baby boomers reaching age 65 every day, the Medicare supplement business is thriving. Not to mention the need for supplemental insurance felt by employees of all ages thanks to the widening coverage gap as employers increasingly switch to consumer-driven major medical plans.

California regulators subpoenaed MetLife Inc. and plan a hearing on the company's practices involving the payment of benefits after learning of an insured’s death.

Most critical illness insurance policyholders are 55 or older; men buy higher coverage amounts than women; and claimants overwhelmingly seek benefits for cancer over all other conditions, suggests a new comprehensive study of more than 20,500 individual policies purchased last year.

The economy still may be stuck in neutral, but industry brokers, carriers and vendors are bullish about the future of voluntary benefits.

When it comes to addressing end-of-life needs and services, most people know it's important to plan ahead in order to make sure that their family will not be burdened with overwhelming decisions during a difficult time. Even so, many people put it off because they would rather not have to think about the topic.

Years ago when I approached a crusty old broker from down south about enrolling his voluntary benefits cases, he told me he didn't sell voluntary because, "Boy, the juice ain't worth the squeeze."

New research from MetLife spotlights a disconnect between the perceptions of voluntary benefits held by employers and employees.

Health care reform has been good for business - true or false? These days, it still depends on whom you ask. Ask a producer who sells critical care insurance, though, and the answer you'll probably get is "true."

Voluntary benefits is often referred to as "worksite marketing." Many carriers, in fact, refer to their voluntary products as "worksite voluntary benefits." Recent developments in enrollment technology, however, are rapidly making the term "worksite" obsolete and no longer relevant to the voluntary benefits process. The term "worksite" derives from how these benefits have had to be enrolled. As products that are voluntarily purchased by employees, the only consistently effective means of presenting (and selling) them have been one-on-one employee meetings with licensed benefit counselors (enrollers) at the workplace during the workday.

Employee Benefit News is soliciting short articles from benefits professionals on best practices related to open enrollment and voluntary benefits. Articles selected by the editors will appear in EBN’s June 1 issue or on the Web site.

AlwaysCare Benefits, Inc. recently noted that it achieved a major business milestone: signing up more than 500,000 employees and dependents for group dental, vision, life, disability, critical illness and accident benefit plans.

The Patient Protection and Affordable Care Act has triggered considerable angst about the fate of group health insurance coverage since its passage, but recent research suggests that it’s not expected to affect non-medical benefits.

Voluntary products were a key ingredient of employee benefit packages last year in the face of challenging times, with sales figures revealing a compelling story.