Pet insurance or life insurance? Help employees select the voluntary benefits they need

Pet insurance or life insurance? Help employees select the voluntary benefits they need

Your employees are eager to take advantage of supplemental benefits offerings — but are they choosing the right ones?

Sixty three percent of employees said they were likely or extremely likely to sign up for voluntary benefits — intended to supplement more traditional offerings like healthcare and retirement  — through their employer in 2023, according to Voya Financial. That enthusiasm is a good thing, but to ensure your workforce has the protections they need and not just the trending, buzzy benefits they want, communication is key. 

“Pet benefits, identity theft, prepaid legal — these are the hot buttons that employees are quicker to click and become educated on, just because they’re different sounding than disability, life insurance, dental, medical, or any benefit in between,” says Eric Silverman, founder of Voluntary Disruption advisory. 

That interest can be used to help steer employees toward often-overlooked benefit options, such as hospital indemnity and critical illness, which may prove more vital in the long-run, Silverman says. Despite lower interest and less appeal than, say, a free gym membership, employees are more likely to need these benefits to stay financially, physically and mentally healthy. 

From the traditional to the trending, we spoke to Silverman as well as adviser Drew Neslin, head of ancillary benefits solutions at BCS Financial, to better understand the supplemental benefits that can be critical to employee wellness, and the ones that will get them excited about the perks available from their employer

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