Voluntary employee benefits have the potential to help employees improve their financial security — and drive gains in job satisfaction and productivity. Yet not enough workers take advantage of these benefits. A new study by Prudential explores the drivers of buying behaviors, and how employers may engage those employee segments that need the most help.
Voluntary benefits such as accident, critical illness, and hospital indemnity insurance can help provide employees with cash to help cover eligible medical and non-medical out-of-pocket expenses, or to offset a portion of lost wages. So what drives employees’ buying behaviors? Our research suggests that many demographic factors actually have little or no impact. More important are employees’ life experiences, emotional concerns and perceptions about their health and their finances, and their perceived value of risk protection.