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Voluntary Benefits

One way for an employer to expand its company's employee benefits without increasing costs is to add voluntary benefits.

Reasons to add voluntary benefits are:

  • In order for employers to compete for talented employees, they must offer exceptional benefit plans.
  • The costs of employee benefits are rising.
  • Many employers believe they cannot improve their current befits plan due to the costs.

Employer advantages of voluntary benefit plans are:

  • Payroll tax savings if paid through a Section 125 Plan.
  • Low costs and simple administration of these types of plans.
  • Participation in employee paid plans is totally voluntary.
  • Increased benefits can improve employee morale that plays a vital role in a company's productivity.
  • Employees care about the benefits as much as the employer.
  • Protects a company's most valuable asset - its employees.

Employee advantages of voluntary benefit plans are:

  • Payroll tax savings if paid through a Section 125 Plan.
  • Competitively priced coverage.
  • Coverage complements existing insurance program.
  • Coverage in employee paid plans is portable.
  • Coverage may be available to the employee, spouse and children on a group or voluntary basis.

Some of the voluntary benefit plans that can be offered on a group or individual voluntary basis are:

  • Life Insurance
  • Accident Insurance
  • Cancer Insurance
  • Critical Illness Insurance
  • Short-term and Long-term Disability Insurance

Carriers:

  • American United Life
  • Educators Mutual
  • MET Life
  • Reliance Standard
  • Security Life
  • United Concordia

Contact Us

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