The evolution of voluntary: Expanding voluntary benefit offerings

July 5, 2018 | By Scott Wooldridge | BenefitsPRO

When it comes to voluntary benefits, the best defense is a good offense.

Although the growth of voluntary benefits has resulted in the vast majority of brokers offering some kind of voluntary benefit product, there are still agencies out there that are looking to expand in this area.
As we saw in the first installment of this series, the reasons for doing this are many. In addition to improving revenues, brokers are finding strong demand for these products, and can work with their clients to present a comprehensive set of benefits by carrying a full array of voluntary benefit offerings. For many, this approach is simply a necessary part of staying competitive.

“If you’re not doing this, somebody else is going to be,” notes Mike Estep, vice president of group products and worksite leader of Guardian Life Insurance Company of America. “A good defense is the best offense.”

The list of voluntary benefits is long; in addition to traditional offerings such as disability coverage, as well as dental and optometry insurance, carriers now have hospital insurance, accident insurance, and critical care insurance. These products are often popular with employees who have high deductible health plans such as HSAs, to fill possible coverage gaps. Other voluntary benefits can include long-term care, legal services, student loan reimbursement, protection against identify theft, and more.

Talk to your clients

Experts say an important step in expanding voluntary benefits is to talk to clients…

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