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Career Coverage: Still Going, Still Growing?

In part one we looked at career coverage for employees who were in the first decade of their careers. In my last post, we took a look at employees who now perhaps have a shift in their focus towards more family obligations. This month, we'll take a look at employees in the final decades of their careers and what kinds of voluntary insurance coverage employers could consider offering to fit with their changing needs.

Still going, still growing

Employees in the final decades of their careers are likely making all-time high salaries and putting money away for retirement, but life events can interfere with savings: A change in marital status, adult children returning home and elder care can all be expensive. Plus, those in their 50s and 60s may be dealing with health issues. They may be dreaming about retirement with no date in sight, or maybe the countdown has begun; either way, they have more responsibility than ever when it comes to work, family and building a nest egg. And when they’re financially threatened by illness or injury, borrowing from a 401(k) is a huge temptation. Unfortunately, taking money from a workplace retirement plan can have a long-lasting impact on retirement savings. Providing workers with access to voluntary insurance that defrays medical costs helps them stay on course for retirement and polishes an employer’s reputation as a caring provider of meaningful benefits. Some voluntary insurance products can be issued as late as age 75, and many are guaranteed renewable for life. Here are the types of voluntary insurance policies to consider making available if you have employees who are late in their careers.

Voluntary insurance policies are optional benefits that employers may choose to offer to employees, who usually pay the premiums. They can help 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, co-payments 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 preceding articles have given you a general idea of the types of insurance that could benefit people at different stages of their careers.

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