Voluntary benefit
An obligatory benefit is paid either by your employer (group insurance) or the government (health care, old age pension, etc.). A voluntary benefit is a solution that you adhere to voluntarily.
The concept of voluntary benefits involves an analysis of your current coverage and how it can be supplemented by further protection. If your employer offers no coverage or if you are self-employed, the concept of voluntary benefit becomes that much more important: it entails the assumption of personal risk management for you and your family.
Each person or family has special needs, whereas employers often provide only the minimum life insurance coverage. You can remedy the situation by taking out personal life insurance coverage. Disability coverage may also be limited and/or insufficient for the company’s highest-paid members. Here, too, you can make up the difference by purchasing disability insurance for the portion of your salary not covered by group insurance. Keep in mind that group insurance plans rarely protect against critical illness or provide for long-term care. We have the products that will fill these gaps.
Take your affairs in hand! Determine your personal risk management plan with one of our advisors.