Sometimes referred to as “supplemental insurance,” voluntary means the insurance is offered in addition to an employer’s core or standard benefits. With voluntary coverage, you can choose the benefits that meet your specific needs. You choose and pay for voluntary benefits, and the premium is typically deducted from your paycheck.
There are several types of voluntary insurance that can address your personal needs:
Disability insurancehelps protect your most valuable asset: your income. This insurance replaces part of your income if you are disabled because of a covered injury or sickness.
Supplemental life insurancecan complement employer-provided life insurance. Products may include term, whole or universal life, and benefits can be used to help pay for final expenses and to help provide financial security for family members.
Accident insurancehelps protect against the unexpected, including out-of-pocket expenses that may not be covered by major medical insurance in the event of a covered accident.
Hospital confinement indemnity insurance can help fill the gaps in major medical coverage to help pay for hospital-related expenses, including co-payments and deductibles.
Cancer and critical illness insurancesupplements major medical coverage to help with the high cost of cancer or critical illness treatment. Some plans offer screening benefits that encourage regular wellness tests.