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Your Financial Life
By Transamerica / Jan 19, 2016

6 Voluntary Employee Benefits to Consider in 2016

voluntary benefits

If you’ve resolved to be more financially savvy in 2016, finding ways to make your money work for you might be a high priority.
While you’re focused on building your financial strength, don’t forget to learn more about how to protect what you’re building from fiscal earthquakes. One of the most common and potentially catastrophic dangers to your savings is experiencing a major medical event.

With deductibles, co-pays and coinsurance on the rise in recent years, are you confident you could pay the costs related to an accident, critical illness or physical inability to work for a while? Even if you could, wouldn’t it be better to have insurance to help than to raid your savings?

Voluntary employee benefits, often available through your employer, pay you directly in the case of events like an illness or accident. You can use that money as you see fit, for expenses like deductibles, travel related to specialized medical treatment, child care or missed work pay.

Types of benefits to consider.

  1. Accident Insurance pays policy-specified amounts for injuries incurred in an accident, typically with higher amounts for more severe situations.
  2. Short-Term Disability Income Insurance replaces a portion of your income if an illness or injury prevents you from working for specific periods of time.
  3. Cancer Insurance, as the name suggests, offers lump sum payments if you’re diagnosed with cancer, as well as benefits that assist with payment for ongoing treatments.
  4. Life Insurance, though primarily a way to help protect your beneficiaries in the event of your death, can include benefits to help pay the costs of long-term care or even critical illnesses while you’re still alive.
  5. Critical Illness Insurance pays benefits for certain medical events, such as stroke, cancer diagnosis, heart attack or organ failure.
  6. Hospital Indemnity Insurance helps make up for the costs a major medical plan might not pay, like deductibles, copays and co-insurance expenses. It provides benefits for each day you spend in the hospital.

Learn more about voluntary insurance!

Succeeding financially in 2016 is a fantastic goal—let voluntary benefits help you avoid getting tripped up by sudden pitfalls.
Visit our employee benefits website to learn more about these voluntary benefits and other types of supplemental insurance.