Voluntary benefits are types of insurance benefits that people can obtain to cover different aspects of their lives. Voluntary benefits are often offered through employers, and employees can have the money for the insurance benefits deducted from their payroll. If you are married with children, here are some voluntary benefits that you need to have.
Dental is considered a voluntary benefit. Although many employers will advertise medical and dental as a package deal, they are generally separate. Dental insurance allows you to receive basic dental care such as cleanings, x-rays, and cavity fillings. Medical insurance doesn't cover any dental, so adding dental to your coverage will allow your family to get regular dental treatments without paying out of pocket for the expenses.
Vision insurance is another volunteer benefit that allows you to have coverage for glasses and contacts. Some employers will bundle vision insurance with medical and dental care. Vision insurance allows you to receive eye checkups every year or two, depending on the provider. It gives you a certain amount off of frames so you can get free or discounted glasses. This will allow you to keep up on glasses if they break or if your eyes get worse after a few years.
Life insurance is one of the most important types of voluntary insurance, and also one of the least purchased. According to a survey, only 57% of people in the United States are covered by life insurance. That leaves 43% of families without any monetary compensation if something happens. The coverage amounts of the 57% of people aren't where they should be either. Nearly half of the people who are covered, carry a coverage amount of $100 thousand or less. For most people, that wouldn't even be enough money to pay off a house. Life insurance will make sure that you still have income coming in if your spouse dies. If you're not sure how much life insurance to buy, use a life insurance calculator to help you pick an amount.
Disability benefits are important. You never know when you could become injured and unable to work. If you are injured on the job, then you can file for temporary disability through your employer's insurance. However, if you are injured off the clock, then your employer won't pay. You could end up taking extended FMLA leave and not have any income. If you take out your own disability insurance, then you can file a claim no matter where and how you become injured if you can't go to work.
Pet insurance is another coverage that a lot of people don't have. If you are a pet owner, you know how costly the vet bills can get. If something happens to your animal when you don't have any extra money, your pet could die because most vet clinics won't treat without full payment. Pet insurance usually covers yearly checkups and vaccines. When emergency medical issues arise, it allows you to take your pet in at a discount, because the insurance covers some of the bill. There are different insurance levels, and the amount that is covered depends on which coverage you purchase.
If your health insurance doesn't cover everything you need, you can buy supplementary health insurance. The supplementary insurance will give you extra coverage so you don't have to worry about having a dozen out-of-pocket medical expenses.
These voluntary benefits are important to your family. They allow you to have proper dental care, vision care, and even care for your pets. Make sure that if something happens to you or your spouse, you will still have an income so you can care for your children and pay your bills.Share