The Ins and Outs of Workplace Benefits Coverage
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Introduction
Many workers consider workplace benefits to be a most valuable employment perk. Such benefits are invaluable for many business owners in attracting good workers and for encouraging current employees to stay on. Be it long-term care provision or aid for those who become disabled or for help in dealing with the aftermath of a serious accident or in the provision of universal life insurance, the myriad of benefits provided by employment benefit packages are a big motivator for many. Some of the benefits include:
Long Term Care Insurance
Long-term care insurance is engineered for those facing a severe illness or injury, both of which last more than one year. Short-term medical coverage is for individuals who are ill for a shorter period, normally up to one year. Long-term insurance, conversely, will normally go into effect when short-term coverage has expired.
Disability Insurance
Disability coverage is designed for workers who become unable to perform their normal job duties. Physical or mental issues can be qualifying causes. Disability coverage is meant to cover a part of a worker’s normal pay until he or she can resume their usual employment duties.
Accident Insurance
Accidents can strike at any time and at any place. This is why employers will often provide accident insurance to their employees. This kind of coverage can often cover a policyholder’s children and spouses as well.
Critical Illness Insurance
Critical illness insurance is a kind of coverage that helps people facing illnesses that are chronic and severe, such as AIDS, heart disease or cancer. Critical illness insurance is generally paid out as a lump sum when a claim is approved.
Universal Life Insurance
Universal life insurance is a form of life insurance that can help one’s family and beneficiaries after he or she passes away. Most employer packages will provide 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 in stocks and other potentially high-earning investments. As time goes on, higher payouts may result as the invested portion realizes gains.