Nearly nine in 10 employees say that voluntary benefits add value to their benefit package and more than half have at least one voluntary benefit, according to a survey by Guardian Life. The study outlines the importance that employees place on having voluntary benefits to cover financial gaps in their benefit packages.
Sixty percent of employees say the workplace is their primary source for financial services and health protection products. Employees have a more positive view of their employer and their benefit package when the employer offers a wider range of voluntary benefit options, according to Elena Wu, vice president, Group Marketing and Learning Services at Guardian.
Nearly half of employees say that the workplace plays a more important role in their personal finances than it did five years ago. Sixty-four percent of workers say they value the research and shopping that employers do on their behalf for voluntary benefits.
The following factors are fundamental to the growth of voluntary benefits: cost advantages, payment options, easier access, and convenience. Sixty-two percent of those who would like their employer to offer more voluntary benefits are interested in critical illness insurance, such as accident and cancer products while half are interested in disability insurance.
Not surprisingly, medical insurance, dental insurance, and vision insurance are the most widely owned products at the workplace. Accident insurance is the only product that is more likely to be owned outside of the workplace. Nearly half of all companies offer voluntary benefits to fill unmet employee needs.
Interestingly, more than half of workers surveyed are highly confident in their ability to make the right benefit decisions. To get the Guardian Workplace Benefit Study, visit www.aboutemployeebenefits.com.
