In these tough economic times, any way we can save money should be explored. It might be hard to ask for a raise or more benefits from your employer right now. Many of us are just glad to have a job. But what if your employer could provide you a benefit at NO cost to them? They might consider that right?
Voluntary benefits are offered through your employer, but they don’t pay a penny for them. So how do they work? Many of go out and purchase car insurance, home owner’s insurance, pet insurance, or pre-paid legal services on our own. When we do that, we often get the worst rate and pay high fees to an agent.
With voluntary benefits, you can get free quotes for those same services through your employer group. Let’s say your employer offers voluntary auto insurance. You call up the number, give them your information, and they can usually save you a lot of money. If not, all you have lost is the time to make a phone call.
How can they be cheaper? When your employer offers the plan, the insurer knows things about you. One, you have a job. Two, your employer might allow payroll deductions – so they know they will get paid. Three, people at work, like teachers, tend to be a better risk than individuals. There are enough of you to get a discounted rating. There are even discounts for how long you have stayed at the same employer. Also, through your employer, the agent fees are lower. Calling in by yourself, you can never get those rates.
Your employer pays nothing. The carrier they select takes all the calls and handles the payments. The insurance is often portable if you decide to work somewhere else. If you could save $1,000 to $4,000 on insurance and still be with a well known insurer would you do it? We have many examples of just those types of savings. The worst that could happen is you save nothing and stay where you are.
Andrea Billings is an expert on thes issues that explained things well to this website. Feel free to call her at 623-594-4370. She can talk to you individually, or can go and talk to your employer on your behalf to get things rolling. In these tough times, don’t let an opportunity like this pass you by.