5 Types of Voluntary Insurance to Add to Your Employee Benefit Package

THESE TYPES OF VOLUNTARY INSURANCE BENEFITS CAN HELP YOU RECRUIT TOP TALENT

When the labor market is tight, having the most attractive employee benefits package is more important than ever. High-caliber candidates want to see more than just health insurance. As an employer, there are many types of voluntary insurance you can offer beyond the usual medical benefits to attract talent.

A package of impressive benefits can help recruit and retain the quality candidates you are looking for.  Here’s a quick guide to some voluntary insurance benefits your company may want to consider.

WHAT IS VOLUNTARY INSURANCE?

Voluntary insurance is a type of benefit that employees can choose to sign up for. The employee can either opt in or out depending on whether the insurance is important to them. Employers may cover part of the premium payments, or the payments may come out of the employee’s payroll deductions.

Voluntary insurance is usually less important to employees than regular medical insurance. However, many employees view these voluntary benefits as an added perk when considering a job role.

5 VOLUNTARY INSURANCE BENEFITS THAT EMPLOYEES LOVE

There are many types of voluntary benefits you can add to your package. Here are five of the top benefits preferred by job seekers.

1. DENTAL AND VISION INSURANCE

Dental and vision are two of the top voluntary benefits that candidates are looking for. If you want to recruit top talent, you need to help employees with these areas of their healthcare. General medical insurance is not enough on its own.

Dental and vision insurance help cover the cost of employees’ regular visits to the dentist and optometrist. It also helps them when unexpected vision or teeth-related issues come up.

2. LIFE INSURANCE

Voluntary insurance can also include life insurance. Employers often overlook this employee benefit, but many job applicants consider it important.

Life insurance can be structured in a way that fits your employees’ circumstances and needs. This kind of benefit can help you retain valued workers within your company.

3. DISABILITY INSURANCE

Employees like to know they will be taken care of if something unexpected happens. Disability insurance can help give peace of mind.

Your employees will appreciate knowing that they won’t have to worry about their financial obligations if they become unable to work at some point.

4. IDENTITY THEFT PROTECTION

In the age of technology, identity theft could easily happen to anyone. Data breaches that expose employees’ personal information, email passwords, or bank account information can be costly and difficult to correct.

Offering identity theft protection helps protect employees who deal with life-disrupting breaches. This is an important benefit, considering how quickly an identity can be stolen.

5. PET INSURANCE

More people than ever have pets, especially with the rise of employees working from home. Pets are a part of the family, and employees want to know they can take their furry family members to the vet when needed.

Emergency veterinary visits can be costly. Many people don’t have the savings to cover those bills, so pet insurance has become a popular benefit for pet owners.

ARE VOLUNTARY INSURANCE BENEFITS RIGHT FOR YOUR COMPANY?

Voluntary employee benefits show applicants that you value them and will take care of them. They can help you recruit top talent for your company. Over time, voluntary benefits will lead to a happier and more motivated team of employees.

Contact one of LG Resources’ experienced consultants to start assembling a voluntary benefits package. We will help you attract and retain a workforce of quality employees.