Many employers provide their workers common benefits like health insurance and retirement benefits. It is important to note that some employers are more generous and offer workers other additional benefits designed to advance their lives, safeguard them financially against a myriad of risks and, of course, to enable the business to attract the best employees possible.
These benefits are often available to full-time employees and, in some cases, their part-time workers as well. Though all can enjoy these employment perks, they can especially valuable for single parents and for those who the sole family breadwinners. Good workplace benefits are also helpful for those who come down with job-related illness and/or experience injury that could render them with no income for a certain length of time.
How it Works
If one is faced with a covered issues or event, he or she files a claim and then the insurance provider will pay out whatever benefits are due. Note that there are often waiting or qualification periods prior to receiving any money.
Some of the benefits of this coverage include:
Long Term Care Insurance
Long-term care insurance is designed for those facing a serious illness or injury, both of which last more than one year. Short-term medical coverage is for those who are fall sick for a shorter period, normally up to one year. Long-term insurance, on the other hand, will normally go into effect when short-term is exhausted.
Disability coverage is tailored for workers who become unable to perform their normal job duties. Physical or mental issues can both be qualifying causes. Disability coverage is designed to cover a part of a worker’s normal pay until he or she can resume their usual employment responsibilities.
Accidents can happen at any time and at any place. Some employers provide accident insurance to their workers and this is what can cover a policyholder’s children and spouses as well.
Critical Illness Insurance
Critical illness insurance is a variety of coverage that assists people stricken with illnesses that are chronic and severe, such as AIDS, heart disease or cancer. Critical illness insurance is generally issued as a lump sum payment when one’s claim is approved.
Universal Life Insurance
Universal life insurance is a type of life insurance that can help one’s family and other designated beneficiaries after he or she passes away. Many employer packages offer some kind of life insurance. An unusual aspect of the Universal life policy is its built-in ability to provide policyholders the freedom to invest returns into stocks and other potentially high-earning investments.
The big plus in obtaining these voluntary benefits is the supplemental coverage that can compensate for things that health insurance and other kinds of insurance will not. Obtaining such benefits via a workplace benefits package means that one’s premiums can be less expensive than with standalone policies.