Voluntary Benefits
Voluntary benefits are becoming increasingly popular as they are advantages to both employers and employees. BayPoint strongly feels that voluntary benefits can help level the playing field when competing with larger companies for talented employees.
BayPoint assists its client with a multitude of voluntary benefit options, including:
- Accident Insurance
- Cancer & Critical Illness Insurance
- Disability Insurance
- Life Insurance
- Hospital Confinement Indemnity Insurance
Advantages to the Employer
- Enhances the company’s benefits program by expanding the number of benefits available to the employees – at no additional cost to the business
- Improves the employer’s benefits program by creating choices for employees that fit their specific needs
- Shows concern for the employees’ welfare, enhancing the employer’s image, creating long-term good will, and increasing morale
- Gives employees a chance to make proactive protection arrangements on their own , rather than relying on the employer to provide relief after the fact
Advantages to the Employee
- Gives the employee the benefit of individual insurance counseling on the job
- Generally more liberally underwritten and sometimes “guaranteed issue” – making it easier for all employees to qualify
- Convenient for the employee because the premium is automatically deducted from the paycheck, freeing the employee from having to write checks, pay postage, or worry about missed premium statements
- Flexible: the employee decides whether to participate, who to insure, and which benefits to select
- Voluntary employee benefit plans supplement existing benefits, expanding coverage or filling unprotected gaps
It's often said that the only constant in life is change. Nowhere is this more accurate than in the employee benefits arena. Yet, with change comes opportunity, and as the benefits industry evolves, voluntary benefits present virtually unlimited opportunities to meet the changing needs of employers and employees alike.
