The term “voluntary” benefits -- insurance products offered by employers but paid primarily by employees -- is misleading. Increasingly, these offerings play a key role in benefits offerings to recruit and retain the best team members. Voluntary benefits expand the employee’s choices while allowing far greater personalization for a diverse workforce.

Once a nice-to-have, voluntary benefits are now nearly mandatory: More than 90 percent of U.S. employers consider voluntary benefits to be important to their value proposition to employees over the next three to five years.

Traditional voluntary benefits include life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance.

The greatest opportunity for broker differentiation is in nontraditional benefits, which are expanding the boundaries of options for brokers and their customers alike. Employers are tasked with providing optional benefits that address the most critical needs of a multigenerational workforce, from long-term care and critical illness protection to pet insurance.

Today, one of the fastest-growing areas for benefits brokers is identity theft and fraud prevention services -- and it’s no wonder, given the preponderance of data breaches and overall growth in identity theft.

As employers seek to create a full portfolio of voluntary products which address the financial wellness of different generations, benefits such as student loan repayment plans and social monitoring products will be attractive to younger workers who spend more time online than any other age group. At the same time, experienced employees who have more at risk financially from ID theft after a data breach can utilize identity protection services alongside other premium benefits.