Voluntary Benefits

February 23, 2024

Mike Barton

Why Offer Employees Voluntary Benefits?

Because your employees want them, they reduce your tax liability, they help you attract and retain top talent, and they cost you nothing! 

COSTLESS TACTIC TO IMPROVE YOUR EMPLOYEE VALUE PROPOSITION

Adding Voluntary Benefits to your program is simple with World. We can easily add your voluntary choices at renewal via open enrollment - or we can implement them off cycle as a stand-alone offering. Either way, the advantages for you and your employees are all upside!

Chart of advantages for employees and employers for adding voluntary benefits

Statistics of voluntary benefits satisfaction

IN-DEMAND PRODUCTS SUPPORT FINANCIAL WELLNESS

Choosing from two leading carriers that we have vetted and three valuable benefits that promote wellbeing and provide benefit payouts the insured can use however they want. 

Critical Illness: pays a lump sum to the insured while they recover from certain illnesses; employees may opt to enroll their spouse and child(ren).

Accident Insurance: pays a lump sum to an insured that suffers a covered accidental injury; it covers the employee and their family.

Hospital Indemnity: pays benefits directly to a hospitalized insured, based on admission and days hospitalized; this plan is HSA compatible. 

 

Process for adding voluntary benefits

 

ENSURE A HEALTHIER, HAPPIER, AND MORE MOTIVATED WORKFORCE

 

This Update is not intended to be exhaustive, nor should any discussion or opinion be construed as legal advice. Readers should contact legal counsel for legal advice. All rights reserved.

About the Author

 Mike Barton

chief growth officer, Employee Benefits

  • Mike has invested 30+ years in the insurance sector.
  • Business Risk, “Power Broker.”
  • Author, “Reforming Health Care in America,” Journal of Compensation and Benefits
  • Founder, Small Business Connection and Winning with Willis (CDC collaboration).
  • Former President of Allstate Business Insurance and CEO of Willis North America Benefits Practice.