There's lots of positive press on voluntary benefits. Studies by LIMRAconsistently show the voluntary benefits market growing, whileother life and disability markets have been stagnant orshrinking.

Why is voluntary a hot market in a moribund field?

What customers value most in purchasing and owning a product isease of process. Ease is the single most important factor fuelingthe growth of voluntary benefits. For the broker,it's easy to tell employers, “Let's add some benefits for yourpeople that you don't have to finance.”

For employers, voluntary helps meet the diverse needs of today'sworkers, while requiring only low-impact administration. Foremployees, voluntary benefits allow easy access to needed personaland family protection without having to shop around in a marketthat otherwise might overwhelm them. Voluntary benefits are easy tobuy, featuring guarantee issue and ultra-simple forms. Voluntarybenefits are easy to keep, as payroll deduction means no bill toforget and no checks to write.

Voluntary benefit programs make product selection easy foremployees. Employee diversity is real, based on factors includingculture, generation, family status, behavioral preferences andeconomic category. While voluntary programs allow the employer tooffer a broad palette of benefits, they also narrow choices foremployees.

Employees do not need to make detailed product comparisons,because the employer has made that selection for them, and withoutthis guidance from employers, it would be all too easy foremployees to put off considering important family security needs.With a voluntary benefit portfolio, employees are encouraged tofocus on whether they need a given product, and how much topurchase.

A second element employees look for in employee benefits iscommunications. We're all familiar with the dreadful traditionalbenefits communications: the 100+ page benefits booklet. Thisincludes exhaustive details about the employer's benefit plans,presented in a drab and imposing manner. Most employees simplychuck the book into the bottom drawer of their workspace. The trendto online data may save some trees, but for employees, paper-freeinformation is just as bad. Boring online documents are even easierto ignore.

By contrast, voluntary benefit communications must beinteresting and engaging, or too few employees will participate. Ina typical enrollment campaign, voluntary benefit information ispresented via multiple channels, including:

• well-thought-out online text and graphics

• enrollment presentations in person, webinar or call center

• system-based videos and needs calculators

• emails, text messages

• print material, often personalized

In essence, while employer-provided benefits aredescribed, voluntary benefits are communicated.And this communication brings value to the employer in that itprovides stronger and more relevant communication about all thebenefits the employer provides.

So in the end, what's special about voluntary benefits is theirresponsiveness to the needs of customers. Employers can easilyoffer benefits that will be meaningful to a broad spectrum ofemployees, and employees can easily make informed selections ofbenefits that meet their needs.

Related: 6 non-traditional voluntary trends for2017