Workplace benefit packages help make employees feel valued and can be a powerful motivation to those who are being courted to join a company to say “yes” to an employment offer. In others words, a good workplace benefits package can help both the employer and the worker- it’s a “win/win.” There is the invaluable peace of mind for the employee in knowing that, should something go wrong that, for example, might put a person out of commission and unable to earn income, they will be protected financially. The wide range of benefits in such a package include such components as long-term care and disability protection, accident and critical illness and even universal life insurance coverage. This and more can be offered within the purview of an employer’s work benefits plan.
Listing of Coverage Choices:
Long-Term Care Insurance
Long term care coverage is the aspect of these plans that allocates care for people with severe illness, disabilities, or other conditions that generally indicate that one will need assistance on a daily basis for an extended period of time.
Disability coverage is tailored for employees who, due to being hurt or ill, are no longer able to perform their usual job duties. Disability protection can provide coverage that compensates a worker for part of his or her normal pay until the resumption of the employment duties.
Accidents can happen at any time. This is why some employers provide accident insurance as a part of their work benefit plan. This type of coverage can even extend protection to a policyholder’s family members too.
Critical Illness Insurance
Critical illness insurance extends a wide variety of coverage for those hit with illnesses that are chronic and severe, such as heart disease, AIDS, or cancer. Critical illness insurance is usually provided in a lump sum upon approval of a claim.
Universal Life Insurance
Universal life insurance is the type of life insurance that can help a policyholder’s family and/or other beneficiaries after the policyholder passes away. Most employer packages include some level and kind of life insurance coverage. An unusual aspect of the Universal life policy is the freedom to invest returns into stocks and other potentially lucrative investments. This means that higher payouts can result as the invested portion will often increase in value.
Should one’s employee have a family, these benefits can be vital in keeping their finances protected during challenging times. Talk to an insurance professional (or your employer) today for more information.