Voluntary benefits

Critical-illness insurance is flying under the radar relative to other voluntary benefits, but a new MetLife white paper seeks to raise the product’s altitude among plan sponsors by showing how it adds financial protection and outlining steps to obtain the right amount of coverage.

One of the nation’s leading group legal plan providers recently acquired a lesser-known player, while a rival firm considered this avenue as one of several strategic moves to enhance shareholder value – proving the adage about strength in numbers may be particularly compelling in this business climate.

Two recent indicators of small-business activity have found that the nation’s economic engine is chugging along with a more optimistic outlook than previously believed – developments that could expand the number of voluntary benefit plan participants.

Humana Inc. recently expanded its digital footprint in the worksite market by launching an interactive, Web-based resource that shows how critical illness, disability and accident coverage offer financial protection in the event of an injury or illness.

Various months are designated throughout the year to educating consumers about the need for a particular insurance product line or service to ease financial burdens.

Dave Cirulis recently was named head of voluntary marketplace strategy for distribution at Lincoln Financial Group, which has spruced up its product portfolio as well as enrollment, service and technology capabilities. He reports directly to Robert Risk, the insurer’s vice president, group protection sales.

In response to a new American Payroll Association survey showing 43% of employees valuing health benefits more important than higher wages, Dan Maddux, the group’s executive director has suggested that employees consider pretax voluntary payroll deductions and flexible spending accounts to ease the sting of rising health care costs and uncertainty about health care reform.

Podcast: Strategic alliances can serve as an inexpensive foothold into the voluntary benefits marketplace for vendors that seek to broaden ...

Long-term care (LTC) insurance is back in the headlines, with several leading insurance carriers seeking rate increases to help offset investment shortfalls in an ultra-low interest rate environment and greater-than-expected plan usage.

It’s November, which means three things: open enrollment, turkey dinners and long-term care. Today (Nov. 1) marks the beginning of Long-Term Care Awareness Month, a concentrated push to get employees thinking about how they plan to receive and fund care in their later years.

Only a tiny percentage of pet owners in the United States have insurance for their pet, but according to the American Pet Products Association, about 62% of U.S. households have a pet. Clearly, the pet insurance is a market ripe for growth. "The message there is in the opportunity to increase participation for consumers and for groups," says JoAnne Novak, VP, business development with Hartville Group, Inc., and its flagship brand ASPCA Pet Health Insurance.

Sun Life Financial Inc. recently enhanced its emergency travel assistance service for group basic life customers by adding identity theft protection.

Anthem Blue Cross Life and Health Insurance Company recently enhanced its Resource Advisor member-assistance service to include Beneficiary Companion and Identity Theft Victim Recovery Services programs at no additional cost to customers.

One pet peeve of employers, brokers and carriers is that employees don’t spend enough time reviewing their benefit plans during open enrollment.

The boundary between voluntary and employer-paid benefit sales is disappearing in an increasingly competitive climate where more brokers are abandoning territorial patterns, suggests new research from Eastbridge Consulting Group.

Chances are, you have concrete criteria (and perhaps some softer considerations) you’re looking for when you’re selecting a broker. Ever wonder what criteria your broker looks for when they shop for a vendor for you?