In addition, employees demand more benefit choices and options than ever before. Voluntary insurance programs can help address some of the problems that benefit managers face. Voluntary products supplement existing programs to enhance the company's benefit package. Employees may then choose the product or products that best meet their insurance needs. All of this is done with no direct cost to the employer.
Employees pay the premium for the products they purchase.
Offering voluntary products on a group platform provides several benefits over traditional individual products. Typically, group premiums are lower than most comparable individual products. Furthermore, group products allow for easier and more flexible enrollments. When offering traditional individual products to employees of a multi-state company, the enrollers would be required to use separate forms for each state and the benefits may change from state to state. With group products however, one application could be used for every location and the benefits and rates stay the same.