Workplace Benefits

Insurance is one of the workplace benefits that many businesses offer to their employees in addition to their regular salary, vacation, and other work benefits. Included in these benefits are often the following types of insurance.

Long Term Care Insurance

Long term care (LTC) insurance is insurance specifically for the payment of living expenses if you happen to require long term medical care due to illness, an accident, or just old age. This includes long hospital visits, nursing home care, and assisted living expenses. Sometimes this is offered as a benefit by your employer at no cost to you. Other companies require small premium payments to be taken out in each paycheck.

Disability Insurance

This is a type of long term insurance that provides you with payments that replace your income if you are injured or disabled and are unable to work. This type of insurance is often included with your health benefits, but sometimes it is a standalone policy that you have to pay premiums for through payroll deductions. This coverage can be long term (you will get payments after six months of disability until age 65) or short term (disability payments will only be paid for 6 months to a year).

Accident Insurance

Almost every company provides their employees with accident insurance coverage for business trips. Any accidents you get into on company vehicles will be covered by this insurance, including injuries to yourself and others. This is normally paid for through minimal payroll deductions each months, but some businesses offer it to employees for free.

Critical Illness (CI) Insurance

CI insurance is meant to provide you a lump sum payment if you become ill with a “critical illness.” These illnesses usually include cancer, heart attacks, strokes, kidney failure, and others. This is a policy that is often offered outside of the regular health care coverage, and can be paid for through payroll deductions.

Universal Life (UL) Insurance

UL is a policy that operates like normal life insurance, except it provides some more flexibility as to how the cash value of the policy is used. The cash value can be used as an investment tool that earns interest, or the interest can be used to pay policy premiums. This is an alternative to regular life insurance policies offered by your company, and premiums are often paid with a payroll deduction.