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In today’s workplace, many employees think enrolling for healthbenefits during open enrollment is mundane, whichleads many to stay with the same benefits from the previous year.In fact, according to the 2016 Aflac Open Enrollment Survey, 90percent of employees say they choose the same benefits year overyear.¹ However, as employees go through major lifechanges such as marriage, birth/adoption, job promotion or homeownership, they should be aware of how these life events affect their benefitsselections. Recognizing this trend, brokers have the opportunity toeducate their clients annually on how to encourage employees tothoroughly review their benefits selections, including voluntaryinsurance, to ensure they make changes that are aligned with theirlives today, not yesterday.

With enrollment season right around the corner, now is theperfect time to reiterate to businesses that the following lifestages are reasons their employees should take stock of currentbenefits.

Marriage

When planning for a wedding, many employees probably don’t findthemselves including “update benefits” on their checklists beforethe big day. When a change in marital status happens, it’simportant that the couple discusses their coverage options andupdates their health care coverage enrollment accordingly. Remindemployers that employees may be able to share their benefits oncethey have exchanged their vows.

Birth of a child

Employees must ensure that every family member has appropriatehealth care coverage, especially once they have children. Childrencan mean additional doctor visits — whether they’re routine or theresult of an injury or illness. Brokers can reiterate to employersthat offering accident coverage can help protect employees’finances. This policy not only covers emergency treatments, X-raysand physical therapy, but also specific injuries such as fractures,dislocations and concussions. Additionally, remind clients that astheir employees add new family members, they may also want toconsider adding or updating their life insurance coverage.

Career advancement

When employees receive a job promotion, brokers can remindemployers to mention that it may be beneficial to considerincreasing contributions to their 401(k). After all, moving ahead atwork usually means a salary increase. Putting away funds forretirement will help ensure an employee doesn’t have to downgradetheir post-career standard of living instead of enjoying the spoilsof a successful career. Promoted employees should also considerevaluating current levels of disability coverage to see if changesare needed to help protect their new paycheck and lifestyle in theevent of an accident or illness.

Purchasing a home

For many people, a new home is a place to build a life and starta family, but it can be the most expensive purchase most will evermake, as well as their biggest monthly expense. Remind employersthat employees should consider the changes they’ve made in the pastyear — such as the purchase of a new home — to determine how theymay need to update their insurance coverage during openenrollment.

In the event of an accident or illness, disability insurance can helpemployees ensure that they have funds needed to pay living expenseslike their monthly mortgage payment, and focus on recovery.Additionally, adding life insurance is one way that employees canensure their loved ones have the financial means to remain in theirhome and help maintain their standard of living in the event of anunfortunate circumstance.

The employer review

Just as it’s critical for employees to regularly review theirbenefits based on current or upcoming life changes, it’s equallyimportant for companies to review the options they make available.When businesses offer voluntary insurance policies, it is a win-winfor them and their employees.

This article is for informational purposes only and is notintended to be a solicitation.

^{1 The 2016 Aflac WorkForces Report is the sixth annualAflac employee benefits study examining benefits trends andattitudes. The study, captured responses from 1,500 benefitsdecision-makers and 5,000 employees from across the UnitedStates.}

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