A Prudential survey found that 63% of employees who say their employer offers at least one voluntary benefit agree that such benefits increase the value of their company’s benefits program.
The survey also found that 44% of brokers currently selling voluntary products are expecting increased demand for these benefits over the next five years, indicating a possible future trend.
The survey indicated other voluntary benefits expected to purchased in larger numbers this year including:
- Critical illness, 41%
- Accident Insurance, 31%
- Long and Short-Term Disability Insurance, 30% and 28% respectively
- Dental Insurance, 27%
- Life insurance, 25 %
Voluntary benefits may also play an increasingly important role in employee's job performance and retention. The survey found that one in three employees agree that losing their voluntary benefits would be disruptive and expensive.