What products do you sell when you offer voluntary products? For traditional benefit brokers, too often, the answer is the same products they sell to employers. These are the products benefit brokers tend to be most comfortable with—the group term life (maybe even just buy-ups with an employer-funded plan), short and long-term disability, and dental insurance. And while these are good products employees need, there are other voluntary products making inroads into employer accounts across the country. If you aren't offering these products, you could be missing a big opportunity.

In a recently completed study with more than 700 employers nationwide, the products with the highest percentage of employers offering them on a voluntary basis were AD&D, hospital indemnity, critical illness and accident. These were offered on a voluntary basis by a higher percentage of employers than the percent offering life or disability. And, while we can explain some of this by the fact that employers often pay for at least some of the premium for life and disability coverage, the facts are unmistakable—many types of products are popular on a voluntary basis.

Employers seem to be offering more and more voluntary products that help employees with the high cost of health care. Hospital indemnity, critical illness and accident all have a place in helping an individual cover out-of-pocket costs and the indirect costs of an illness or accident.