Voluntary Employee Insurance Benefits

March 30, 2023 | SMH Insurance | Employer Insurance

SMH Insurance offers a variety of voluntary employee insurance benefits to help employees protect their health, wealth, and future. The costs to live and support one’s family do not stop when someone is injured or sick. Moreover, if employees are the primary wage earners of their households, unexpected medical costs or death can be a tremendous setback for the ones they love. The five voluntary employee products that are perfect for small business. The 5 products listed below allow small businesses to help their employees prepare to navigate the unexpected and the unknown.

1) Critical Illness Insurance

1.9M people in the U.S. will be diagnosed with cancer this year.
800K adults have a heart attack every year in the U.S.
About 795K people experience a new or recurrent stroke each year.

If an employee experiences a catastrophic health emergency such as a heart attack, stroke, or cancer diagnosis, their traditional health insurance plan may not fully cover the costs. Critical Illness Insurance provides benefits when a covered person is diagnosed with an eligible illness or condition.

2) Disability Insurance

Research indicates that a top financial concern for adults is being able to support themselves if they become disabled. When an employee becomes sick or injured and cannot work, their income may be eliminated or temporarily reduced. Disability Insurance protects an employee’s ability to pay their bills even if they can’t work. It offers a monthly cash benefit that can be spent as the employee sees fit. This type of insurance is for everyone, no matter their profession, salary, age or other demographics.

3) Accident Insurance

There are 55.4 million non-fatal, preventable injuries each year. Accidents will happen and the need for extra protection while an injured person recuperates is important. Accident Insurance pays cash benefits when a covered accidental injury occurs. This could be a concussion, fracture, dislocation, burn, or laceration. It supplements an employee’s major medical benefits with additional coverage. Employees can use the cash benefits to help pay for treatment costs, deductibles, household expenses, or anything else they wish.

4) Hospital Indemnity Insurance

More than 33 million people in the U.S. will be admitted to a hospital this year. Hospital Indemnity Insurance pays cash benefits for covered expenses related to a hospital stay due to an illness, injury or surgical procedure. This type of supplemental insurance pays benefits even if the deductible of the employee’s major medical plan has not been met.

5) Life Insurance Life Insurance is an opportunity for employees to protect the ones they love from debt when they pass away. 68% of life insurance owners with financial dependents feel secure versus 47% of non-life insurance owners. When an employee selects a life insurance product, they designate a beneficiary whowill receive the applicable death benefits. These payments can help cover final expenses, daily living costs, or any other financial obligations — there are no restrictions on how they can be used.