Offering voluntary group benefits to your employees is a great way to ensure that the individuals in your company have access to any additional insurance coverage they might desire. But what kind of insurance is voluntary insurance, and how will it affect your bottom line?
Paid by the Employees
Unlike other types of insurance, voluntary group benefits are paid by the employee and are made available at special group rates that are accessible to you, the employer. You will not be required to contribute to any premiums required for voluntary insurance, though you may do so at your discretion.
This means that employees can purchase their own additional insurance at a discounted group rate. The cost of the insurance is usually deducted from a worker’s payroll and is paid directly by the employee.
Voluntary group benefits are popular among employees because a worker can pick and choose which types of insurance they want to bolster. These can include additional life insurance coverage, dental or vision coverage that may not be provided by the company outright, disability income insurance, and, in some cases, even car insurance at a discounted group rate.
Employees appreciate having access to these special group rate policies, and like having the ability to customize whatever coverages they need.