In the case of a small employer, that analysis might be sufficient to land on a basic recommendation, such as: “We recommend enrolling short-term disability and term life with AD&D in the first year, followed by accident and critical illness in the second year. In the third year we will change the dental plan to an employee-funded product and add a vision plan option, and in the fourth year we will add permanent life.” 

Non-traditional benefits such as pet insurance, ID theft and legal services are popular as well as insured benefits. Larger employers might benefit from some employee interest surveys to help guide the plan, bringing in a broader array of products that might be available to a larger group, such as auto and home insurance options.

A major element in planning a multi-product voluntary strategy is determining whether the employer will support year-after-year campaigns with in-person conditions.

The types of products introduced in a given year should be aligned with the type of enrollment—some products are more easily understood and purchased in a pure online enrollment than others.

Finally, always keep the offered package relevant to employees and affordable. While we might think “more is better,” we have to keep in mind the reality that employees may not be able to afford every voluntary product they might be interested in purchasing. 

A large portfolio of voluntary products phased in over a few years may be a great strategy for the larger employer, whereas the combination of diverse workers and large numbers mean virtually any product can generate significant interest and revenue, whereas in a smaller employer a more targeted approach to basic needs is generally the preferred approach.