More employers offering voluntary benefits

Jun 27, 2011

Employees value voluntary benefits, said a report

Workers are expressing increased interest in voluntary insurance benefits from their employers, and businesses are often happy to oblige.

The supplemental insurance can often be a cost-effective way for employees to get coverage they wouldn't buy on their own, such as life insurance or disability insurance. Employers benefit because the coverage can often protect the health of their workers at little cost to them, allowing them to offer a wider range of benefits that appeals to job-seekers, according to a study by LIMRA.

The report said 80 percent of employers would be interested in offering such a perk, though many aren't aware just how interested their workers are in buying those products.

"A great opportunity has emerged with employers who don't currently offer voluntary benefits. [Employees] now display greater awareness of the benefits and more likelihood of purchasing a worksite product than in the past," said Ron Neyer, assistant research director, LIMRA product research.

Younger workers are becoming more cognizant about financial planning, experts say, increasing the likelihood many would be interested in a life insurance policy from their workplace.

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