The 2020-2021 coronavirus pandemic has prompted many employers – and employees – to take a renewed look at their benefits. “Worksite benefits” and “worksite insurance” are trending up in online searches.
So, what’s included in Worksite benefits?
It overlaps with what are often referred to as Voluntary and/or Ancillary benefits. The employer makes these coverages available through the worksite but may – or may not – be supporting them with a premium contribution.
Dental, Vision, Disability, and Supplemental Life have been stable Voluntary/Ancillary options for worksite sales for years. However, the events of the past 18 months have put a new spotlight on peripheral benefits like Employee Assistance Programs (EAPs) and supplemental benefits and coverage, such as worksite wellness and fitness programs, Hospital Indemnity, Accident, Critical Illness, and Cancer insurance.
Some companies that previously offered no Voluntary/Worksite benefits are now considering a first-time offer of coverage, while other employers are talking with their brokers about expanding voluntary options for employees.
What it means for you is an increased opportunity – to address more of your customers’ needs and a new way for you to boost your earnings. Word & Brown can help!
Benefits Pro published an article in December 2020 in which the author predicted a 2021 growth spurt for Voluntary benefits. It noted growth of about five percent annually during the past decade for traditional products like Life Insurance, Disability, and Dental, which accounted for more than 60% of total 2019 sales.
A March 2021 article in the same publication spotlighted Aon data that found double-digit growth in the offering of Voluntary products from 2020 to 2021. Employers offering these benefits increased 27% as compared to the prior enrollment period. There were offer increases for many products, but the greatest increases were for Accident (up 50%), Hospital Indemnity (up 35%), Legal and ID Theft (both up 30%+), Pet Insurance (up nearly 30%), and Critical Illness (up 25%+).
Word & Brown offers a diverse range of voluntary benefits. We can help you easily answer your clients’ calls for an affordable way to help them attract and retain quality employees, while still controlling their benefits costs.
Our Voluntary/Worksite benefit carrier partners and products include:
- Aflac: Individual and group products – including Accident, Disability, Life, Hospital Indemnity, and other insurance
- Colonial Life: Disability, Life, Accident, Hospital Indemnity, Critical Illness, Cancer, Dental, and Vision Insurance
- Guardian: Dental HMO and Dental PPO plans, Vision Insurance
- Humana: Dental PPO, Vision, and Life Insurance
- Principal: PPO, EPO, and Point of Service Dental plans, Vision, Life, and other coverage
- Unum: Dental, Life/AD&D, Dependent Life, Short Term Disability, and Long Term Disability
No other General Agency is more committed to helping you serve your clients’ diverse – and changing – needs. Talk with your Word & Brown representative to learn more about our Voluntary/Worksite portfolio, link here for product and service details, or contact any of our six regional offices throughout California and Nevada.