Non-insurance products and the evolution of employee benefits

I spend a lot of time talking with brokers, and often ask them if they remember back 10 years ago when I encouraged them to go out and sell voluntary benefits. Back then, they basically told me to get lost.

Those early products were what I call “Johnny Lunch-Bucket” benefits, created primarily for the fixed-wage earner who couldn’t afford traditional insurance.  Since then, product manufacturers have paid close attention to the evolving needs of the employee and the changing landscape of employer sponsored benefit programs.  Thanks to the evolution of products such as life insurance, critical illness and accident plans, everyone from the fixed-wage earner to the highly paid executive now has the opportunity to piece together a comprehensive benefits offering tailored to meet their specific needs.  Although they were reluctant at first, brokers today have embraced voluntary benefits.