The 411 on Workplace Benefits Coverage
The findings are in! The results of a recent study indicate that most American employees consider workplace benefits to be the most valuable of employment extras. Such benefits are invaluable for many business owners in attracting qualified workers and for encouraging current employees to stay at their jobs. Be it long-term care provision or aid for those finding themselves disabled or for help in the aftermath of a serious accident or in the provision of universal life insurance, the myriad of benefits offered through employment benefits are a huge motivator for many. Some of the benefits coverage perks include:
Long Term Care Insurance
Long-term care insurance is designed for those facing a depilating illness or some kind of a severe injury, both of which last more than one year. Short-term medical coverage is for those who are ill for a shorter period, normally up to one year. Long-term insurance, on the other hand, will normally go into effect when short-term is has expired.
Disability coverage is tailored for employees who become unable to perform their normal job duties. Physical or mental issues can both be qualifying causes. Disability coverage is designed to cover a part of a worker’s normal pay until he or she can resume their usual employment responsibilities.
Accidents, as the name suggests, can strike at any time and at any place. This is why some employers provide accident insurance to their workers. This type of coverage can often cover a policyholder’s children and spouses as well
Critical Illness Insurance
Critical illness insurance is a variety of coverage that helps people stricken with illnesses that are chronic and severe, such as AIDS, heart disease or cancer. Critical illness insurance is generally issued as a lump sum payment when one’s claim is approved.
Universal Life Insurance
Universal life insurance is a form of life insurance that can help one’s family and other designated beneficiaries after he or she passes away. Most employer packages offer some form of life insurance. An unusual aspect of the Universal life policy is its built-in ability to provide policyholders the freedom to invest returns into stocks and other potentially high-earning investments. At the end of the day, higher payouts may result as the invested portion realizes gains.