Career Coverage: The Voluntary Insurance Need at Different Life Stages
If you’re interested in strengthening your competitive edge to recruit and retain employees, keep reading.
Voluntary insurance policies are optional benefits that employers may choose to offer to employees, who usually pay the premiums.
Voluntary insurance helps ensure people who are sick or hurt have the funds they need to pay health-related costs their primary insurance might not cover, such as deductibles, copayments and prescriptions. Plus it helps pay the regular bills such as rent, utilities, car payments and groceries that continue to roll in even if a person is too ill or injured to work.
There are several types of voluntary insurance. While every employee has different needs, the following lists will give you a general idea of the types of insurance that could benefit people at different stages of their careers. Use this information to help you decide the types of coverage that would work best for your employee population.
Healthy Not Yet Wealthy
In the first decade of their careers, most people are just getting on their financial feet. They may be mired in college loans or live at home or with roommates to save money. Many stay on their parents’ health insurance plans until age 26, but then they have to cover the cost of their own insurance. Maybe they’re single for a time and then a significant other comes along, leading to further financial obligations. Life is expensive, and their incomes don’t yet stretch very far.
While they’re learning job skills from senior coworkers, these 20- and 30-somethings also have to figure out insurance requirements, insurance options, and how they’ll pay for them. It may seem like an inconvenient time to consider voluntary insurance, but because they’re young and healthy, it can be the best time for getting the lowest rates.
Here are the types of voluntary insurance policies to consider making available if you have employees who are early in their careers:
In part two, we'll look at the types of voluntary insurance coverage to consider offering to employees in the first decades of their careers.
If you have any questions about any of the information provided here, or would like to know how to implement a new or even review an existing benefits strategy, please contact me at (318) 834-4395 or visit my website and leave your contact details and we'll be in touch shortly.