The employee benefits landscape has changed drastically over the years, and the importance of voluntary benefits is now in the spotlight. Voluntary benefits have become an integral part of an employer’s benefits program. With the cost of medical insurance still rising, employers must find new and creative ways to make their benefits programs more competitive and comprehensive. Voluntary insurance benefits are a smart way to add value at little to no cost to the employer.
According to the newest Eastbridge Consulting, U.S. Voluntary/Worksite Sales Report released last week, total voluntary/worksite sales (NBAP) for 2016 were $7.630 billion, representing an increase of approximately 6.9 percent over 2015. Life insurance again had the largest sales total by line of business at 27 percent. Term life increased by 3 percent and UL/WL were up 18 percent. Critical illness sales increased by 14 percent and accident sales were up slightly. Hospital Indemnity sales did rebound last year after being down in 2015.
Voluntary insurance benefits can play a critical role in employees’ financial well-being by helping fill the gaps in major medical plans, helping to prepare for retirement and by helping to provide financial protection from the unexpected. Employers can use voluntary benefits to boost employee engagement, retention and recruitment by promoting sound employee financial wellness.
Talk to your Kemper Benefits sales manager today. Voluntary benefits are our sole focus and we are dedicated to the support and success of our partners. Our sales partners and customers benefit from a tremendous body of products, online capabilities as well as a number of services and resources. Kemper Benefits understands the challenges our partners and customers face, and our priority is to help them overcome those challenges.
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