Empowering Your Employees: Understanding Voluntary Insurance Programs

At Rollo Insurance, we believe people come first. Always. That’s why we’re passionate about helping employers create benefits strategies that truly support their teams. Voluntary insurance programs are a powerful way to show employees you’re invested in what matters to them.

Rooted in relationships and built on trust, Rollo works alongside you to craft solutions that reflect your company’s values and your people’s needs. We’re not just here to sell a product. We’re here to help you build a culture that attracts talent and earns loyalty. Let’s talk about how voluntary benefits can elevate your offerings and how Rollo’s people-first approach makes all the difference.

What are Voluntary Insurance Programs?

Voluntary insurance programs give employees the power to choose extra protection that fits their lives at a price that makes sense. These are benefits employers offer as part of their overall package, but unlike traditional plans, the employee typically covers the cost. The good news? Because they’re offered through the workplace, employees often get access to lower group rates.

Why Offer Voluntary Insurance?

While employees typically pay the premiums, offering voluntary insurance programs provides significant benefits for both employers and employees:

• Enhanced Benefits Package: Voluntary options allow employees to customize their benefits to meet their individual and family needs, leading to greater satisfaction and a more attractive overall compensation package.
• No or Low Direct Cost to Employers: Since employees usually pay the full premium, voluntary benefits have minimal or no direct cost to the employer.
• Increased Employee Retention and Attraction: A comprehensive benefits package, including voluntary options, can be a key differentiator in attracting and retaining talent.
• Improved Employee Morale and Productivity: Employees who feel their diverse needs are being met are often more engaged and productive.
• Potential for Group Rates: Employers can leverage their group purchasing power to offer employees access to insurance at potentially lower rates than they could obtain individually.
• Simplified Administration: Many voluntary insurance providers handle enrollment, billing, and claims administration, reducing the administrative burden on the employer.

What Are Some Common Types of Voluntary Insurance Programs?

There’s a wide array of voluntary insurance options available to meet various employee needs:

• Supplemental Health Insurance:
  • Critical Illness Insurance: Provides a lump-sum payment upon diagnosis of a covered critical illness like cancer, heart attack, or stroke. This can help with out-of-pocket medical expenses and lost income.
  • Accident Insurance: Pays benefits for injuries resulting from accidents, helping with medical bills, rehabilitation costs, and lost wages.
  • Hospital Indemnity Insurance: Provides a fixed daily benefit for each day an employee is hospitalized due to illness or injury.

• Life Insurance: Employees can purchase additional term life insurance coverage for themselves, their spouses, and dependents, often exceeding the limits of employer-paid life insurance.
• Disability Insurance:
  • Short-Term Disability: Provides income replacement if an employee is temporarily unable to work due to illness or injury.
  • Long-Term Disability: Offers income replacement for extended periods of disability. Employees may want to supplement employer-paid disability coverage.

• Dental and Vision Insurance: Employees can elect to purchase or enhance their dental and vision coverage.
• Legal Insurance: Provides access to legal services for various personal matters, such as estate planning, real estate transactions, and traffic violations.
• Identity Theft Protection: Helps employees monitor their credit and provides assistance if their identity is stolen.
• Pet Insurance: Allows employees to obtain coverage for their pets’ veterinary care.

What Should I Consider When Implementing Voluntary Insurance Programs?

While voluntary insurance offers numerous advantages, employers should consider the following:

• Employee Communication and Education: Clearly explaining the benefits and enrollment process is crucial for employee participation.
• Careful Selection of Providers: Choose reputable and reliable insurance carriers with competitive rates and good customer service.
• Administrative Support: While providers often handle much of the administration, employers still need to facilitate enrollment and payroll deductions.
• Employee Needs Assessment: Understanding your employees’ demographics and needs can help you select the most relevant voluntary options.
• Integration with Existing Benefits: Ensure voluntary programs complement your existing employer-sponsored benefits.
• Compliance: Understand any legal or regulatory requirements related to offering voluntary benefits.

Rollo Insurance: Helping You Build a Flexible Benefits Package

We believe benefits should reflect the care and commitment you have for your people, not just check a box. Voluntary insurance programs are a smart, cost-effective way to give employees more choice, more security, and more reason to stay. By offering flexible options at group rates, you can enhance your benefits package without adding major expenses and show your team you’re invested in what matters to them.

We’re here to help you do it right. The Rollo team will walk alongside you to understand your workforce, explore the right voluntary coverage options, and build a benefits strategy that attracts and retains top talent. Reach out today to see how voluntary benefits can strengthen your culture and your bottom line.