All about workplace benefits
Most jobs these days offer some level of employee benefits. The most common are paid leave, retirement contributions and health insurance. But that level of benefits is not always enough to attract the best employees. That’s why many employers offer additional workplace benefits
What are they?
Work benefits are supplemental benefits that employers often offer in addition to more traditional benefits. These additional benefits, which employees usually are responsible for paying the full cost of, are often aimed at making the employee’s financial and family life easier.
Who are they for?
Supplemental benefits are a good idea for anyone, but they make particular sense for certain types of people. People with jobs where illness and injury are a risk are good candidates for supplemental benefits. The benefits also are a good idea for single parents, single wage earners or anyone who provides financially for someone else.
How do they work?
Supplemental benefits cover you for certain events that may happen at or outside work. For example, if you are sick or injured and can’t work, a supplemental policy may pay out. Other supplemental policies may pay a benefit to your family if you pass away. The policies work like most other insurance policies in that you have to make a claim when you have a covered event, and then the insurer determines if you are eligible to receive a payment and how much.
There are literally dozens of different types or workplace benefits, but there are a few that are most common. These include accident insurance, critical illness insurance, disability insurance, long-term care insurance and universal life insurance.
The main benefit of supplemental work insurance is the extra financial cushion it provides if you are unable to work. An additional benefit of getting the coverage through your employer is that it is more convenient and premiums are less expensive than if you attempted to get the coverage on your own.