I have a confession to make – I was never a fan of selling worksite products! Voluntary products (or more traditional group platform) were fine, but I always shied away from worksite due to the high-pressure tactics of some of the sales representatives or “overselling” of these products.
Here is the problem, I ended shortchanging both employers and employees. Employees love to have options and choices when it comes to the benefits they can purchase through their employer. Employers love offering additional products and services to their employees at no additional cost. When surveyed, employees consistently rank their employee benefits package higher when it includes worksite products.
Nowadays, there isn’t much difference between voluntary benefits or worksite plans other than the chassis they are offered on. Worksite or voluntary plans simply refer to the insurance products that can be offered by employers on an individual or group basis to pay individuals for a variety of life events such as getting injured in an accident, being diagnosed with a serious health condition, or being admitted into the hospital. Examples of these plans include critical illness, cancer, accident, hospital indemnity, and permanent life insurance…to name a few of the most popular.
With the evolution of benefit administration systems with employee self-enrollment and more and more carriers offering these benefits, it has never been easier to offer and administer these products.
We recently offered an Identity Theft Protection plan to an employer, and over 50% of the employees elected the benefit. We introduced it at the employee education meeting along with the other benefits and then it was simply a matter of “clicking a button” during the enrollment process. It was a win for the employees who now had the opportunity to purchase a product easily through payroll deduction, a win for the employer who now had a more robust benefits offering, and a win for us by bringing new ideas to the table.
Don’t overlook the opportunity to offer these valuable benefits to your employees!