Voluntary benefits are becoming an increasingly popular option for employers, according to data from a large insurance company. Employees, too, are interested in a broader range of offerings.
The research indicates that shifting more responsibility on employees for their benefits isn't something that is purely a result of the recession. The insurance company notes that interest in cost-sharing has been increasing over the past 10 years.
Among the findings, the research shows that two-thirds of employees say they feel voluntary benefits enhance their overall compensation package. Such offerings can be a good option for employers and their employees as it allows workers to select the additional benefits they need while the company saves money by not providing products unnecessarily.
The insurance company says it's important to inform employees on the benefits of having optional life insurance and critical illness insurance, for example.
Life insurance can be particularly important for those who are the breadwinner in a household. In the event of the death of the policy holder, a family can be taken care of financially. Consumers should carefully consider how much life insurance they need depending on their own personal situation.