The Greek philosopher Aristotle once said, “The ideal man bearsthe accidents of life with dignity and grace, making the best ofcircumstances.” Today’s insurance experts might add that it’seasier to make the best of circumstances when backed up byvoluntary insurance.

But what type of voluntary insurance? That depends. Somevoluntary products are appropriate for all workers, but the needfor others varies by career stages and lifestyles. Let’s take aquick look at new, middle-career and home-stretch workers to seewhat types of voluntary insurance they need and why.

New workers

In the first decade of their careers, workersare finding their financial footing. They may be be paying offcollege loans or living with mom and dad to save money. Many stayon their parents’ major medical insurance plans until age 26, whenthey must obtain their own coverage. Life is expensive andbeginning salaries might not stretch far, so new workers shouldselect from products that are appropriate for theirlifestyles:

• Accident insurance: Many younger workers leadactive lives, have longer work commutes and are parents of smallchildren who may be accident-prone.

• Short-term disability insurance: Just over 1 in4 of today’s 20-year-olds will become disabled before reaching age67.³ A disabling injury, no matter how brief thedowntime, can be debilitating for those who are just starting outand haven’t had time to build nest eggs.

Middle-career workers

As employees settle into their careers, they are often morefamily-focused. They may be married, raising children and keeping aclose watch on aging parents or grandparents. They are likely to bemore aware of hereditary health issues. Retirement is a long wayoff, but they should be planning for it.

According to the 2015 Aflac WorkForces Report, 52 percent ofAmerican workers have less than $1,000 on hand to pay out-of-pocketexpenses associated with an unexpected serious illness oraccident.⁴ For that reason, middle-career workers shouldconsider the voluntary products that are appropriate for newworkers, as well these coverages:

• Hospital indemnity insurance: Hospitalinpatient care accounts for nearly a third of U.S. health carecosts, and there’s no relief in sight. The average length of ahospital stay is 4.6 days at a cost of $11,000.² A billthat sizable could take years to pay.

• Life insurance: A higher income means a higherstandard of living for an employee’s family to maintain in theevent of death.

• Critical illness insurance: Those with familyhistories of cancer, strokes or heart attacks should considerpurchasing this type of coverage when they’re younger andhealthier, as it can be less expensive to obtain than it may be inlater years.

Home-stretch workers

Employees in the final years of their careers are likely makingall-time high salaries and putting money away for retirement, butlife events can get in the way: a change in marital status, adultchildren returning home and elder care can all be expensive.Unfortunately, illnesses and injuries are increasingly common withage, so home-stretch workers should evaluate their personalcircumstances and consider life, critical illness, hospital indemnityand other coverages that can help protect everything they’ve spenttheir careers building.

Financial safety is playing it safe Life isunpredictable, and getting sick or becoming injured is somethingmost people never expect to happen. To ensure all employees get thecoverage that best suits their needs, tailored benefits packagesare essential. Offering voluntary insurance will not only helpemployees better customize their insurance coverage, but will alsohelp provide added financial protection no matter the careerstage.

¹National Safety Council, “Injury Facts 2014Edition,” accessed Feb. 16, 2016 - http://www.nsc.org/Membership%20Site%20Document%20Library/2015%20Injury%20Facts/NSC_InjuryFacts2015Ed.pdf

² Agency for Healthcare Research and Quality, Trendsand Projections in Inpatient Hospital Costs and utilization,2003-2013, Statistical Report #175, accessed Feb. 16, 2016- http://www.hcup-us.ahrq.gov/reports/statbriefs/sb175-Hospital-Cost-Utilization-Projections-2013.pdf

³U.S. Social Security Administration, “SocialSecurity Basic Facts,” accessed Feb. 16, 2016 – http://www.ssa.gov/pressoffice/basicfact.htm

⁴ 2015 Aflac WorkForces Report, accessed Feb 16,2016 - https://www.aflac.com/business/resources/aflac-workforces-report