Employers today are faced with increasing demands on both the quality and cost of their employee benefits plans. Opportunities exist for employers to look to add individual insurance components to their existing group insurance programs to create cutting edge benefits, manage costs and develop competitive benefit plans.

While there is tremendous attention spent on benefits like extended health, dental, job sharing, tuition reimbursement and alternative compensation arrangements there exists significant opportunities for employers to enhance their benefit programs, manage risk and costs by addressing the shortfall in the insured lines of benefits – specifically living benefits like critical illness and executive disability coverage.

These particular types of insurance may well represent the single biggest differentiator  employers can provide to their employees.  The alarming incidence of critical illness (1 in 3 will develop life threatening cancer)* and increased incidence of disability represent pressing issues for employees.  The need for employers to find ways to address these real employee issues is critical.

The question is how can employers and insurers provide solutions to these needs in an effective, efficient and cost manageable manner?  One answer is introducing individual living benefits insurance into the traditional Group Plan.  Integrating individual benefits into an employee benefit plan is a new concept.  The delivery of both Group and Individual Insurance solutions to employees on a consolidated approach enables a level of customization not previously attained.

What is your corporate policy on addressing the needs of critically ill employees?  

For more information on structuring a group Critical Illness solution for your employees contact Barrons today.