Will Voluntary Employee Benefits Be Available in the Future?

In the next five years, workers see voluntary employee benefits, such as life and health insurance, playing a major role in their lives.

According to a survey conducted by Harris Interactive, 82 percent of employees said having life insurance will be important in the next five years. Furthermore, 77 percent felt that way about disability policies, while 76 said as much about critical illness coverage.

“Employees clearly see the need for many types of insurance protection, especially as they get older,” said Randy Horn, CEO of the insurance company that commissioned the poll.

However, only 62 percent of workers surveyed said they had coverage through their employer’s or their spouse’s life insurance policy.

The survey also showed many workers are concerned about whether or not voluntary benefits will still be available five years in the future. Almost half (48 percent) expressed this worry when polled.

Life insurance can provide a number of financial benefits to workers, including ensuring their family will have a source of income should they die. Providers also offer annuities, which can act as an investment vehicle for participants.

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