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In addition to major medical health benefits, benefits likedisability, group life insurance,dental and vision have become part of the standard benefits mix.These products help round out an employee’s benefits program andare increasingly expected by workers today. In fact, 95 percent ofcompanies offer dental and 83 percent offer vision, according to a2014 SHRM survey While these benefits are vital, they are onlya piece of the puzzle when it comes to financialprotection.

Windsor Strategy Partners recently conducted a study thatanalyzed benefits data for a married 45-year-old male with twochildren. The study found that he had a 1 in 10 chance of having acritical illness diagnosis which could cost up to$34,000. Based on this example, it is clear that acritical illness insurance policywould be a wise investment to protect an individual from anunpredictable major health care exposure. Yet, while mostcompanies offer dental and vision, only 30 percent of companiesoffer critical illness plans to their employees.

The task before each of us in the industry today is to assist inchanging perceptions as it relates to benefits and financial risk.The idea that dental and vision coverage makes a benefits plan morerobust has been ingrained into people’s minds for years. Now weneed to educate them with facts and data about critical illnessesso they can make more informed decisions that will lead to betterfinancial protection.

The takeaway here is that although vision and dental are important to overallwellness, critical illness provides an important layer ofprotection that your clients may not have considered. I amproposing that brokers assume the role of a financial advisor whenlooking at benefits plan designs and helping clients understand thecorrelation between significant financial risk and benefitsselection.

A simple solution

A voluntary critical illness insurance policy plan can go a longway to helping provide employees financial protection when anunexpected diagnosis occurs. With cash benefits ranging from $5,000to $50,000 paid directly to the employee, this voluntarycoverage could substantially temper the total cost of an unexpectedillness. In today’s landscape, where health care costs continue to rise andfinances are scarce, your clients may see additional value incontributing to a critical illness or hospital plan for theiremployees. This is particularly true when you consider the factthat it has been reported that 52 percent of individuals have lessthan $1,000 in savings. An unprotected critical illness could veryeasily lead to financial ruin.

The chance of being diagnosed with a critical illness is veryreal, just as real as the chance that your client’s employees maynot be able to survive financially without additional support intheir benefits package. Critical illness plans help provideemployees additional protection to help make sure when they’rediagnosed with a critical illness that their finances pull through,too. For years, voluntary benefits have been kept in the “detachedgarage” of benefits. In the house, you find major medical in theliving room, life and disability in the dining room, and dental andvision in the kitchen. You have to walk out of the benefits houseand into the detached garage to find voluntary benefits such ascritical illness. It’s time we bring these important benefits intothe house, stop thinking of them as voluntary and realize that theyare fundamental benefits.

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