What Are Voluntary Benefits And Which Should You Consider?

Voluntary benefits are a type of insurance that is organized by an employer but is paid for in its entirety by employees. Employees do not have to sign up for these benefits but are welcome to do so if they so choose. When you talk to your employer about what kinds of voluntary benefits the company offers, he or she may give you a list of several different benefits. You probably won't have the financial means or the desire to pay for all of them, but some of them are highly important. Here are some of the voluntary benefits that your employer might offer that you should consider.   

1. Accident Insurance

Accident insurance is a form of insurance that will help cover your medical injuries should you be hurt in any way. This is important because it tends to be cheaper than disability insurance or a general disability plan. Many people use accident insurance as a way to bridge the gap between their medical bills and the amount of money that they are currently bringing in, allowing employees to definitely be able to get the medical attention they need in order to get back on their feet and start working again.

2. Dental Insurance

Another common voluntary benefit that's offered is dental insurance. This type of insurance essentially just helps you cover dental problems and dental appointments that you might need. Many employer provided insurance plans do not include dental insurance, so it's important for you to get dental insurance as a voluntary benefit in order to make sure that you don't have any horrendous problems with your teeth that you cannot pay for later on down the line.

3. Identity Theft Insurance

Having your identity stolen can be devastating. It can be difficult to watch your savings disappear overnight and your credit card bills racked up. It can also take ages to get your financial problems under control. Having identity theft insurance greatly speeds up the process of restoring your life after your identity has been stolen and will allow you to move on relatively quickly. This type of insurance is good for anyone who makes a lot of online purchases or has a side business that operates mainly online.

For more information, talk to your employer about all of the voluntary benefits that the company offers. Look at the different benefits and see which could most directly happen to you. Then, allocate the funds that you have for insurance policies appropriately.