Supplemental Insurance Basics
What is a voluntary benefit?
A voluntary benefit is an employee benefit that is offered by an employer but paid for entirely or partially by the employee through payroll deduction. Common voluntary benefits include: supplemental life insurance, supplemental disability insurance, critical illness insurance, accident insurance, and hospital indemnity insurance.
Key Points
- Voluntary benefit: offered by employer, paid by employee through payroll deduction
- Common voluntary benefits: supplemental life, disability, critical illness, accident, hospital indemnity
- Payroll deduction: convenient and may be pre-tax
- Group rates: typically lower than individual rates
- An independent agent can help you evaluate voluntary benefits