Supporting employees with voluntary benefits
We know what it's like to get lost in the noise. Our benefits experts guide employees through the complexities of their benefits, so they're not alone. See how we're not only saving employees money, but also giving them peace of mind.
An extra layer of protection for a young family
An extra layer of protection for a young family
I come from a long line of construction workers. My decision to enter the field was influenced by my grandfather and my father—they’re my role models, and I always loved the idea of building things as a kid. That’s probably why I’m so focused on finances—my father was always concerned about making sure our family were protected in case something happened to him at work. With 10 years in the industry, I know how easily accidents can happen, so I’m always thinking about how a serious accident could put me out of work and negatively affect my wife and child.
With Julie staying home to take care of our son, we’re living on one income and are really careful about managing our money. Naturally, we avoid dipping into our savings unless absolutely necessary. That’s why I decided to enroll in supplemental life insurance and accidental death & dismemberment insurance through my employer. While I already had basic life and AD&D insurance coverage through them, it wasn’t nearly enough to cover our mortgage—let alone any medical expenses that weren’t covered by my health plan–in case something happened to me.
And thank God I got the additional coverage. About seven months ago, I lost my thumb and forefinger while working a machine at one of our company’s construction sites. After an emergency room visit, plastic surgery and two months of rehab, I had thousands of dollars in medical bills to pay—on top of our mortgage, car payments and basic living expenses. While workers’ compensation replaced a lot of my lost income while I wasn’t working, the accidental death & dismemberment policy gave me an extra cushion—and we put that money toward reducing my medical bills. We ended up only having to take a couple of thousand dollars out of our savings account—a minor hit that we could easily overcome.
Today, I’m back at work and feeling as good as ever. I was promoted a month ago to manager, so while I’m in the field constantly, I’m happy (almost as much as my wife) that my job is a little safer now. My family is emotionally and financially sound—and for that, I am grateful.
*This example is provided for illustrative purposes only.
Providing a safety net for my family with Life Insurance
Providing a safety net for my family with Life Insurance
My wife and I have two boys who are getting ready for college. When our first son was born, I wanted to make sure we had life insurance coverage, and this became even more important when our second son was born. I wanted to make sure my wife and kids were taken care of financially if something were to happen to me.
My father passed away from lung cancer at age 46. He loved my mother, sister and I tremendously, and he wanted to make sure we had money to stay in our home, complete our education and pursue our interests, such as our passion for skiing. Without the money we received from my father’s life insurance policy after his death, things would’ve gotten difficult, since my mom’s income alone couldn’t support our family. Luckily, he thought of us and made sure we were taken care of in dire times.
I recently took a new job closer to home. While my new employer provides basic life insurance coverage equal to 1x my salary, I didn’t feel that was nearly enough to pay for my funeral, the mortgage, and give Lisa a financial cushion. After talking with my wife, I ended up buying an additional 3x my annual salary of coverage, which we felt would be a good safety net should something happen to me. The cost was far less than I’d pay if I tried to buy coverage on my own—and there was no lengthy questionnaire or medical appointment needed. I just had to fill out a short form answering some health questions.
I was also able to purchase coverage for my wife. While she works full time as a teacher and has basic life insurance from her employer, we compared costs and felt that it was less expensive for me to buy coverage for her under my employer’s plan than for her to buy extra coverage under her plan.
While I hope that we never have to use our life insurance, both my wife and I feel better knowing that each of us, as well as our children, will be protected if the worst happens. Our family is our life, and we did what we felt was best for our family’s safety and well-being. I can sleep soundly knowing that.
*This example is provided for illustrative purposes only.
Battling the costs of a stroke with Critical Illness Insurance
Battling the costs of a stroke with Critical Illness Insurance
I’ve been teaching at my town’s high school for 25 years. I’ve always been conscious about saving money, as my dad emphasized the importance of being wise with how I spend my income. Ever since my husband died about 10 years ago, I’ve been doing my best to budget on a single income for my retirement and my daughter’s college fund. Kelsey is a sophomore in one of our state’s colleges, studying to become an accountant. She’s my world, and I’ve always wanted to help her graduate debt-free.
Between my job and payouts from my husband’s life insurance policy, I’ve saved enough money to put her through college while keeping my goal to retire at age 65 realistic, but there’s always a part of me that worries about being thrown off my financial plan. That’s why I enrolled in critical illness insurance through my employer. I wanted an extra level of protection in case something happens to my health, especially while my daughter is in school, so that my financial plans are not thrown off track.
While I hoped I’d never need to use the coverage, I had a stroke about a year ago, which forced me to take an extended leave from work. While my health insurance covered most of my expenses, and long-term disability coverage provided continued income while I was on leave, there were still out-of-pocket expenses and household bills I needed to pay. I used the lump-sum payment I received from my critical illness plan to help cover these costs, as well as my copays for rehab treatments and prescriptions. The coverage really helped reduce my stress levels and enabled me to focus on recovering, especially since I didn’t have to dip too much into my savings.
One year later, I’m back in my classroom and I feel great. While my treatment and recovery were expensive, it wasn’t nearly enough to throw off my plans for retirement and my daughter. Kelsey is thriving in school, and she’s still on track to graduate debt free. She thanks me for my support every now and then and lets me know that she loves me. It makes me feel like a champion!
*This example is provided for illustrative purposes only.