The voluntary products market is heating up, thanks to the value both employees and employers continually place on the products.
According to “The ABCs of Voluntary,” a brief issued by Prudential and based on the company’s “Eighth Annual Study of Employee Benefits: Today & Beyond,” found that for 71 percent of employees, the offer of voluntary benefits increases the value of their company’s overall benefits package; this is up from 63 percent in 2012.
“As people juggle their professional and personal obligations, the worksite offers a convenient and cost-effective way to gain valuable financial protection. Employers who provide effective communication, education and tools as part of the enrollment process help employees evaluate their own personal protection needs and make the choices that are right for them,” said Bob Patience, vice president, voluntary benefits, Prudential Group Insurance. Employees cite cost as the biggest advantage to the voluntary option, followed by convenience and enrollment without a medical exam.