VB Voice - January 2023

Steve Clabaugh CLU, ChFC

Mark Rosenthal PwC

Michael Stachowiak Colonial Life

Jessica DePhillips Mercer

Jack Holder EBIS

Michael Naumann Reliance Standard

Jennifer Daniel Aflac

Seif Saghri BenefitHub

Hi. We’re new here.

We have been working on this idea of creating a place for the Voluntary Benefits industry to connect for several months now and it’s hard to believe its here What started as our desire to do something to help connect and grow the industry, evolved into creating a monthly digital publication and a website of resources over the past few months For a Business major who preferred gym and art class in school over English, this will be an exciting venture – to quote Dr Seuss, “oh the places you’ll go”

Some things about us – we are keeping our day jobs We love what we do at HUB, Voluntary Advantage is a passion project and an opportunity for us to help grow the industry that has given so much to us. Plus, who doesn’t have a side gig these days? I’m definitely not crafty enough for an Etsy shop.

For Voluntary Advantage to be the voice of the industry – it can’t be just the voices of a few or center around shamelessly promoting one person, a small group of people, or one point of view. Everyone is welcome! We are ecstatic about the individuals who have accepted positions on our Editorial Board as they are leaders representing many different important aspects of our industry and will help us to develop content that you will hopefully find beneficial.

Have you seen our list of Key Contributors? Wow. We were humbled that all of these industry leaders agreed to partner with us on this venture and share their knowledge. They are the best of the best – Sydney Consulting, Eastbridge and PwC have so much data and insights they can share on the current state and future of our industry and BuddyIns will bring us leading updates on the regulations impacting the long term care marketplace Steve Clabaugh is not only a personal friend and mentor, but he retired as a former President of an insurance company and C-Suite Executive of one of the largest insurers in our industry and will bringing his wisdom of Relational Leadership to you every month – because personal growth and professional development are just as important (if not more), as product and process

Our goal is to bring content to our readers that is informative, educational, and innovative

By Heather Garbers

Except for where Compliance is concerned, there isn’t one way to do things, and so we want to include multiple viewpoints in our content to provide thorough thought leadership that we can all benefit from

The possibilities of Voluntary Advantage are endless, but we want to walk before we run, our short-term strategy includes the Voluntary Benefits Voice digital magazine, a Calendar of Events, an online database of vendors, and a Speaker Bureau With that being said, we are still working on Who Voluntary Advantage is and how we can best support the Voluntary Benefits industry – stick with us as we evolve!

Lastly, I would say that feedback is always a blessing We want to hear from you, what do you like or not like about our content, what would you like to see more or less of, what information and services would benefit you in your practice? Is there a topic that you are passionate about that you would like to add yourself to our shortlist of resident experts? Submit a note through our website at: wwwvoluntary-advantagecom and let us know!

To bring it back to Dr Seuss, “So be your name Buxbaum or Bixby or Bray, or Mordecai Ali Van Allen O'Shea, You're off the Great Places! Today is your day! Your mountain is waiting. So... get on your way!”

A Tribute to Those That Came Before Us...

We have fallen victim to believing technology is the solution to every question, even before we know what answers we need and what actual business function we are trying to solve for today

The leaders before us in the Voluntary Benefits industry are the real champions in the successes we are achieving today The battles they faced to even have a broker take their calls compared to today where we are seeing a shift in Voluntary Benefits into the realm of making them 100% employer funded in some cases Our past leaders were never interested in the "likes" or "clicks" received when promoting their solutions They never once put themselves before the policyholder And you'll surely never see them self promoting on a LinkedIn video

By Trevor Garbers

One of my favorite quotes by William Wordsworth is, "Life is divided into three terms - that which was, which is, and which will be. Let us learn from the past to profit by the present, and from the present, to live better in the future."

So many times in our hyper-paced society the answer to our pending questions have already been answered by those before us, yet we fail to take a moment to connect with those early trailblazers nor, open and engage our ears fully to listen to the knowledge of those who first were presented the problem with a much lesser toolbox in hand, yet were able to find a solution that still holds true today and in most cases supersedes any solution we can solve for today

Today, we are in what many call a throw away society where we value the concept of a new unproven benefit administration system over that of years of human capital sitting around a table meeting face to face in a study group with potential policyholders in what they are actually looking for in insurance coverage to protect their most precious loved ones for generations to come

So how forward thinking were those before us? I’d suggest you sit down before hearing this one I recently had the privilege of reading a Board note from the Mass Marketing Association (if you didn’t know - that’s what the Voluntary Benefits industry was called at one point), and in this 1984 release they were discussing Avatar based enrollments Yes, you read that correctly, in 1984 they were already discussing Avatars

So, my question to all of you is what are we doing today that matches the forward thinking of those before us? I heard it best when I sat down with one of these trailblazing Voluntary Benefits leaders who has long been retired, after leading multiple organizations to incredible success In regard to nominating him for the Voluntary Benefits Hall of Fame - his comment was short and sweet, "I don't firmly believe I belong as we had so much more we could have done And, I firmly believe no one should be in there as we as an industry have not done enough to spread the importance of our marketplace We haven't even begun to know what all we can do in this wonderful marketplace!"

If you know me, I love history and we can learn so much from it as we continue to bring our industry to the forefront. I truly look forward to featuring these industry icons as I firmly believe they deserve the recognition for shaping our industry that we are so blessed to lead today.

We are individuals and entities that have come together to share thought leadership and create a platform to drive collaboration and innovation for the Voluntary Benefits industry

The best part? Everyone is welcome! Our goal is to provide content and resources that can benefit everyone on the distribution side of the Voluntary Benefits industry Account Managers, Benefit Counselors, Benefit Technology Administrators, Brokers, Career Agents, Carriers, Enrollment Firms... We'll talk Product, Trends, Claims, Tips, Legislative and Compliance Updates, and more!

Reflect, Revise and Renew your Client’s Benefits Platforms for 2023

By Jennifer Daniel

Congratulations! You made it through another 4th quarter Enrollments, platform builds, files, meetings, benefit fairs whew! While it might be tempting to sit back in first quarter and let things roll, now is a perfect time to provide even MORE value to clients by conducting a platform audit. Consultants are being asked to know so much more than just 5 years ago and technology platform recommendations are just one of those “areas of expertise” that employers need and want help with. Many consultants think that once they help a client select a benefits platform their work is done, I would challenge that it has just begun.

Now is the perfect time to sit with your clients AND their platform contacts to make sure they are maximizing the capabilities of these platforms. Benefits technology is a competitive market, it’s always changing and becoming more advanced. Unfortunately, what usually happens is the bells and whistles that were sold during the finalist meeting are not utilized because there “wasn’t time” or the client forgot about those extra capabilities This is the time of year to make sure your clients are getting the most for their money and employees have access to all the tools available to them While not all platforms are created equal and some may have more bells and whistles than others, it’s important to review capabilities each year

Platforms are always adding new features, but sometimes existing customers aren’t educated on those features

Here are some suggested questions to ask the platforms during an annual audit:

Start by reviewing the metrics from Annual Enrollment and leverage that data in your 2023 planning. Most systems have indepth metrics and reporting that your client has access to at the push of a button.

How many employees used the system to enroll in benefits?

How long did they spend enrolling?

How many started and then abandoned their enrollment? Can you tell where they stopped?

What plans did they elect? Did participation increase or decrease? Why?

Were new plans added in the prior year? How were those lines communicated? If participation was low, was it due to the enrollment experience?

What plans saw a decline in enrollment? Any insights into why?

Where did employees spend the most time during enrollment? Why?

Was there a chat or call center feature available during the enrollment process? How often was it used and what types of questions were asked?

Was a decision support tool offered? How many employees used it? How many enrolled in the recommended benefits?

What new features were rolled out on the platform in 2022? Is your client taking advantage of those that make sense for them?

If not, how can you leverage them in the future? System of record Is the client maximizing the eligibility, enrollment, and billing capabilities of the platform? Are any benefits being enrolled outside of the platform? If sos can you incorporate those in to provide a more streamlined experience?

What educational tools does the platform have available? Is there a decision support tool available? Does it include all benefits or just medical? If it’s not being used find out why, this is a great way to help employees make informed benefit decisions The AI behind these tools has improved tremendously in the past 5 years Make sure to ensure your clients are maximizing videos, avatars, chat and call center features.

We all know that benefits that aren’t being utilized aren’t benefiting anyone. What claim “nudging” capabilities does the platform have? Can it remind employees to use their benefits throughout the year?

Can the platform send generic messages several times a year to employees that have a particular benefit reminding them to file claims? If so, does the employer or consultant set this up or does the platform do it for them? This may depend on if your client is on a SaaS system or an HCM.

If the client is self funded and the platform has medical data, can the platform notify employees of actual claims to be filed, or even initiate the claim on their behalf? Can the platform link via SSO to the carrier's claim system to make it even easier to file claims?

Platform configuration Is it time for a facelift for the employer’s instance of the platform? Most can be configured with the client’s logo, colors, brand and style but employers rarely change it after the initial implementation A fresh look might be just what your client needs for 2023 Finally, why not ask employees what they think of their benefits? Early 2023 is the perfect time to send out a survey asking for feedback on the benefits being offered, the enrollment experience and ask about gaps in the benefits offered. This information is GOLD for Consultants who are looking to make recommendations for next year’s benefit changes. Most platforms have some type of survey capability, it just has to be built.

Annual platform audits are a great way for advisors to provide more value to their clients and make sure they are maximizing their investment in benefits technology. Technology is always changing which can be great for your business IF you engage with it. Don’t let the finalist meeting be the last time your client was wowed by their platform partner. Leverage the data you obtain during the platform audit to create a compelling benefits plan for 2023 and beyond!

Jennifer Daniel, National Vice President Broker Distribution Strategy and Partnerships at Aflac Jennifer is a proven leader in the insurance industry specializing in benefits technology and strategic partnerships In her current role she is responsible for leading multiple teams that drive Aflac’s strategic sales efforts around benefits technology, premier broker relationships and enrollment partnerships In addition she works internally at Aflac to drive innovation and sales growth

Leading Ladies of Voluntary Benefits

By Trevor & Heather Garbers

At Voluntary Advantage, we want to recognize and celebrate the people who make our industry great. For our inaugural edition, we thought it appropriate to highlight some leading females and their contributions to the industry. We interviewed Karrie Nelson (KN), Principal, Voluntary Benefit Center of Excellence Leader for Mercer; Kerry Connor (KC), National Voluntary Benefits Practice Leader for Epic Brokers; and Katie Anderson (KA), Regional Sales Manager for Assurity, about their careers in Voluntary Benefits – here’s what they had to say:

What brought you to the Voluntary Benefits industry?

KC - I worked for Colonial Life in Sales after attending Graduate school at Drexel I believe this industry finds you, not the other way around Losing my dad suddenly at 23 helped me to understand the value of life insurance for my mom and sisters Losing my little sister at 31 helped me to understand that things come at us unexpectedly, and the support we can give to one another helps us to shoulder and weather grief I love how Voluntary Benefits combines the two, both powerful solution sets and robust stories and listening to help support the humans in our care It makes me both proud and happy to be able to do this work for my career and vocation

KA - My focus in college was on Education but my job experience had always been in sales, when I interviewed with Aflac in 2010, I realized that I had found a career path that could weave together my passion for teaching with my competitive satisfaction of sales I loved the idea of a career that compensates based on the results of my efforts while letting me help people

KN - My parents sent me to Drake University in Des Moines Iowa to study actuarial science I had no idea what that was at the time, but math came very easy to me I found accounting/finance to be too boring and repetitive, so I accepted a job at Meredith Corporation which was a publishing company best known for Better Homes & Gardens and Ladies Home Journal I spent 14+ years in various roles including magazine production for Traditional Home Magazine, Renovation Style and Decorator Show House, book development/production for Quilt Lovers Favorites and BHG Cookbook, but spent most of my career focused on customer relationship marketing (CRM). While I enjoyed that very much, I moved back into the insurance industry knowing there was an opportunity to better educate consumers about insurance products available to them and here I am!

How have you been able to define yourself to get to where you are today?

KN - Hard work, the ability to think differently, fair, honest and ethical business practices in addition to grit and determination I’ve never been intimidated by “old school” thinking, I just keep pushing and ask for forgiveness later

KC - I was fortunate to start my journey with amazing mentors that instilled an initial key core belief that stuck, the only thing standing in between me and success was my ability or inability to handle the No’s and the faster you fail the faster you succeed and I really took that to heart I also believe that I have been able to succeed in my career due to my strong belief in these types of benefits and that we hold a responsibility to help an employee to protect their family in a time of need

KA - My success was never about me, my success is a byproduct of finding and developing the right people, believing in the importance of Voluntary Benefits, and a willingness to pick myself up after every stumble I have been able to define myself as a woman who refuses to give up, who is fiercely focused on making a positive difference (even in a small way) for others

Kerry Connor (KC) is the National Voluntary Benefits Practice Leader for Epic Brokers, based in the Philadelphia area She has 20+ years of experience in Voluntary Benefits

We need to move beyond the idea that girls can be leaders and create the expectation that they should be leaders

Condoleezza Rice

What is your favorite aspect of our industry?

KA - My favorite thing about our industry is the difference that Voluntary Benefits can make in the lives of those around us: the impact on an employer struggling to offer or enhance a benefits package, the value brought to employees who are one catastrophic event away from bankruptcy, and the life changing career it offers to those that want to step up to the plate

KC - I am passionate about this industry because I understand how the gaps in traditional plans can impact employees and their families Voluntary Benefits is a key piece of the benefits story that we can create to help an employee to feel seen, valued and understood, by offering a solution set that leans into DEI to customize a solution that makes sense for that person, right in this moment in time

I would be remiss if I did not mention that my two kids are huge role models for me They have a keen ability to call me out on my own stuff and make me laugh at myself while they do and have helped me to become a kinder gentler person

KA - I have been lucky enough to work with so many amazing people over the last decade, but there is one amazing person who has always been a role model to me and that is Lisa Hall who has served in Voluntary Benefits since 1999 She has been a role model for me for many years and taught me the importance of finding the good in any situation and what it means to be successful in this industry as a female

What are ways that you have worked on developing your leadership skills?

KN - I have always led by example Do the right things for the business and take care of my people – it’s that simple

KC - I completely enjoy being immersed in learning something new and surrounding myself with very smart people fires up my energy like nothing else can I have taken many classes and have read books by Simon Sinek, Brene Brown, Wayne Dyer, TED, Amy Cuddy, to name a few

What advice would you give to women just starting out in Voluntary Benefits?

What advantages do you believe females bring to our industry?

KA – I have found that females in this industry have the ability to mold to a situation, relate to a client with empathy, and work tremendously hard with extreme efficiency. I believe that women are just as capable as men in this business and just need to have confidence in what they bring to the table in this industry.

KN - I think we listen better and leave egos aside, and that we are more considerate and nurturing. We also bring a different point of view and challenge traditional ways of thinking.

Do you have a mentor or role model that has motivated you?

KN - Every boss I’ve had has motivated me. I try to learn what I can from them and share that knowledge with others.

KC - I have been incredibly fortunate to have had many fantastic role models in my career, and these humans believed in me and always saw something that I may have not been fully aware of at the time They’ve also assisted in my evolution towards becoming a more self-aware and less focused “Me” person and more attuned “We” person Cathy Good, Erin Stalker, Gary Davis, Ed Sutton, Craig Hasday, Nick Bellanca, Bob Butera, Dave Hurlock, Joe Kozub, Dawn Leusner

KC - I would say “Don’t be afraid to cannonball into the Pool, but don’t jump onto someone’s head while you do”. The downside is you might get a few people wet, but by the time anyone realizes you are bound to have created some amazing ripples, rather than standing back and waiting for your turn, because waiting often turns into inaction or fear to take a chance.

KA - I would tell them to find other women in the business to connect with and learn from. Build a support system of likeminded and fiercely focused females to grow with. My biggest advice for anyone new in this business is… just don’t quit.

KN - Find someone you respect and be vulnerable. Ask questions, stay determined and work smarter than your peers.

Karrie Nelson (KN) is Principal at Mercer Voluntary Benefits where she leads the Voluntary Benefits Center of Excellence, including product management and brokerage functions.

Women belong in all places where decisions are bring made It shouldn't be that women are the exception.

Ruth Bader Ginsburg

Katie Anderson (KA) is a Regional Sales Manager at Assurity helping brokers with worksite strategy and implementation of Voluntary Benefits She has worked in Sales and Sales Leadership for 20+ years

What are ways you are helping other women in this industry?

KA - I’m an advocate for females in this business and a champion of women succeeding in the industry I volunteer as Membership President for the Women of Insurance organization, and I have a book releasing at the end of 2023 for women in worksite I have created programs educating women and young adults on the career opportunities within our industry that can change their lives personally and professionally I believe that women in insurance need to have a voice in this industry, to stand up for themselves, and can learn to find strength in themselves to accomplish anything they want to achieve in this business

As you can see, our industry is full of amazing leading ladies who are helping to drive innovation and change the way we do business For anyone just entering the Voluntary Benefits industry, take a look around and find someone you admire – ask them if they would be open to mentoring you For those of us in the industry already, lets continue to grow as a community, look out for each other and build each other up For the men out there, when you see an opportunity to promote a deserving female, do it, and step up when you see a female not being treated fairly We all work best when we work together!

This is what I tell, especially young women, fight the big fights Don't fight the little fight... Be the first one in, be the last one out. Do your homework, choose your battles Don't whine, and don't be the one who complains about everything. Fight the big fight

Katie Anderson (KA) is a Regional Sales Manager with Assurity, and has worked in Sales and Sales Leadership for 20+ years and in the insurance industry since 2010 In her current role, she oversees the six Rocky Mountain States helping brokers with worksite strategy and implementation of Voluntary Benefits She volunteers as Membership President for the Women of Insurance, which is an organization helping women in the industry find support across the country and assists with training and development Katie is also a certified John Maxwell Team member, certified by DISC, and CECI and loves learning She is a coauthor of the book “Winning Sales Attitudes”, and her first solo book will be released in 2023

Kerry Connor (KC) is the National Voluntary Benefits Practice Leader for Epic Brokers, based in the Philadelphia area She has 20+ years of experience in Voluntary Benefits and most recently worked at Genomic Life Prior to that, she owned an enrollment firm, which was sold after 15 years to a top-100 bank. Kerry has also served as a national director of sales at two leading cybersecurity companies.

Karrie Nelson (KN) Principal, Mercer Voluntary Benefits. Karrie leads the Voluntary Benefits Center of Excellence, including product management and brokerage functions. In her role, Karrie negotiates and executes voluntary carrier/vendor agreements, manages RFP activity and templates, resolves escalation issues for clients, and coordinates new product development activities, including internal training across the business. Prior to joining Marsh McLennan in 2012, Karrie managed ancillary products (Dental, Vision and Life) for Wellmark Blue Cross and Blue Shield of Iowa and South Dakota. Before that, she spent more than 14 years with Meredith Corporation, a leading media and marketing company, where she managed some of the most complex integrated customer relationship management programs In that role, Karrie focused on strategy, program development and innovation, resulting in the execution of measureable, high-impact and award-winning consumer communications

Barbara Walters

Employee Benefits Influence Worker Satisfaction But Lack of Awareness Could Undermine Their Impact

In today’s tight job market, companies are focused on how to differentiate themselves to attract and retain the best talent There has been a lot of attention on salaries and hybrid work arrangements but how do employee benefits figure into the equation?

LIMRA’s new study, 2022 BEAT Study: Benefits and Employee Attitude Tracker, suggests it plays an important role for many According to the research, nearly two-thirds of workers (63%) say their current benefits package makes them at least somewhat more likely to remain with their employer Four in 10 say their benefits make them considerably more likely to stay in their current job

Obviously, employees with a more robust benefits package are more likely to want to stay with their employer

A majority of employees (61%) who receive more than six benefits report being satisfied with their benefits package, whereas only 3 in 10 employees with just one to three benefits say the same This suggests that offering additional supplemental or voluntary benefits continues to add value, even after “core” benefits such as medical and dental are already available

After building a strong benefits package for their employees, one of the challenges for employers is ensuring their workers are aware and understand their benefits LIMRA’s research shows even for the most widely used insurance benefits, such as medical, dental and vision, at least 3 in 10 employees say they are uncertain whether their employer offers them

For non-insurance benefits, awareness is even lower Half of employees say they were uncertain whether they had many commonly offered nonmedical benefits, including mental health benefits, telemedicine, tuition assistance, and health and financial wellness benefits Clearly, employers won’t reap the rewards of providing benefits to their employees such as high employee satisfaction and retention if their workers don’t know they exist

Improving awareness through frequent communication

One way employers can improve employees’ awareness of their benefits package is to provide information on a regular basis throughout the year The majority of employees don’t think their employers communicate their workplace benefits well Just 4 in 10 employees believe their employers communicate about workplace benefits “very” or “extremely well,” and more than a quarter say their employers communicate poorly.

Too often, employers rely solely on their open enrollment period to educate employees about the benefits they offer. Nearly half of employees report open enrollment is the only time they hear about their benefits. LIMRA research reveals that most workers spend less than an hour to review and enroll in their benefits during open enrollment not nearly enough time to adequately read and understand multiple benefit offerings fully.

Employers could improve their workers’ awareness and understanding of their benefits by providing information about them throughout the year There is a 10- to 30-point increase in understanding when employers communicate information about workplace benefits frequently throughout the year, compared with employers who only share information during open enrollment The new study suggests that is exactly what most employees want Seven in 10 employees say they would prefer to receive benefits information at least a few times or frequently throughout the year

LIMRA research shows nearly two thirds of employees cite something other than salary as the top factor when they consider a potential employer More than a quarter and up to half of employees rank insurance, retirement and medical benefits among the top priorities they seek when considering a potential employer. Despite emerging negative economic indicators, the job market remains strong. One way employers can edge out their competition is to offer a robust workplace benefits package and educate their workers about those benefits throughout the year.

Originally published on LIMRA.com.

The Importance of Year-Round Benefit Communications

By Trevor & Heather Garbers

Per LIMRA’s 2022 BEAT Study: "Benefits and Employee Attitude Tracker", nearly half of employees state that annual open enrollment is the only time they hear about their benefits, however 7 in 10 say they would prefer to receive benefits information at least a few times or frequently throughout the year Try sharing this statistic with your clients and even request that they survey their employees to determine how and how often they would like to receive benefits information throughout the year

Valuable Methods of Communicating:

Home Based Mailing: with the transition to the new digital world we live in, we are leaving behind many people who prefer a printed copy of their benefits that they can file away. Many carriers today have moved away from mailing a Certificate of Coverage to members and instead provide an electronic certificate for the client to house on their HCM/BenAdmin portal. If you have a demographic of employees that would benefit from receiving a policy or letter confirming their coverage mailed to their home, request that the carrier send them one. They may require a census of enrolled with mailing addresses, but this extra step can go a long way to increase benefits comprehension and engagement. This can be particularly beneficial with employer-paid lines of coverage that employees may not have taken the time to understand during the open enrollment process. Some carriers will mail employees a postcard throughout the year serving as a claims reminder (even with a QR code for an added high tech touch!) - this is a great way to catch the attention of the employee (or their spouse) and remind them of the features of their coverage

Targeted Email: send emails to existing policyholders reminding them to use the features of their coverage and providing instructions on how they can file claims or utilize the services provided by their benefits Intranet Banner: this is a good way to share general information about benefits offerings "Click Here to Review your Benefit Elections and Learn How to File Claims", "Have you filed the Wellness Benefit on your Accident, Hospital Indemnity, or Critical Illness Policy this Year?", or "Don't Forget to Activate All of the Features of Your Identity Theft Coverage" - can go a long way in driving engagement and utilization of these benefits.

Leverage Technology: ask the client's benefits administration and HCM platforms what tools and resources they have available. Several decision support tools on the market today can also provide support for yearround communications.

The content of the benefit communication is just as important as sending out the communication. Each communication that HR/Benefits Managers send out is an opportunity to engage employees. You want to be mindful not to overwhelm employees by sending the same content over and over again. Content that is targeted and customized has a much higher click rate. Information should be simple to understand, useful, and provide resources for the employee to access for additional support or a next step

We talk a lot about the importance of communication when it comes to benefit offerings, but it can be easier said than done, especially outside of annual open enrollment.

What ROI will the client see from these efforts? Simply put, increased employee satisfaction with their benefit offerings Employees will have a better understanding of the plans that are available to them, how they work and could benefit them They will remain top of mind for employees throughout the year and so when someone in their family is injured and they are worried about their out-of-pocket costs for care, their next thought is "I enrolled in Accident Insurance this year, that will help me" When employees file benefits and use their plans, it most importantly helps them to remain financially stable - and we've all seen the studies on the impact of financial wellness on absenteeism, presenteeism, and physical and mental wellness

Utilization of these plans also helps to increase participation in the plans - as they provide value to members, they will share their experience with their co-workers, and that word of mouth is the best advertising that you can find. This is also why it is important to work with customer-centric vendors, word of mouth can be a very positive thing, but if the employee experience is poor, they will share that negative experience with their coworkers which diminishes the value of the plans in their minds and they are more likely to decline coverage during the next open enrollment.

At the end of the day, we are selling a promise in insurance - a promise that when you need the plan, it will be there for you This is important to keep in mind as you select vendor partners as a failure on the part of your vendors at time of claim, reflects back on you

When it comes to the ROI for promoting yearround communications for you on the distribution side of the industry, by increasing employee satisfaction with benefit offerings, you become a true partner to your clients You aren't there just to negotiate their renewal, but you understand the needs of their employee population and are providing solutions both from a product and service aspect to meet those needs

To go a step further, you can also provide real data back to your clients showing the impact that these plans have had in the lives of employees by requesting a claims utilization report from the carrier. What greater way to show your value - or even to help encourage your client to send out year-round communications.

In summary, stay in front of your clients throughout the year, provide them with solutions and services that help them to meet the needs of their employees, and help to make it easy to engage employees in their benefits.

Why You Should Care About the Proposed Payroll Tax to Fund LTC

By Gretchen Barry, Director of Marketing, BuddyIns Expert reviewed by Marc Glickman, FSA, CLTC, CEO, BuddyIns

Several states are considering a payroll tax to fund a minimum long term care benefit for an aging population. It’s no secret that long term care costs will continue to rise. Start with an aging population, add to that a shortage of caregivers, and sprinkle it with two and a half years of COVID and that gives you all the ingredients needed for an almost worst-case scenario for long term care costs. This will impact people in need of care as well as their families (employers should pay attention to the coming wave of employees forced into family caregiver roles).

Depending on how states structure the legislation, this news could have a considerable impact on the long term care insurance market, both group and individual, for a few reasons:

The developments will be newsworthy because anything related to an increase in taxes hits the news with a vengeance. As experienced in Washington State, there will be a limited number of products available.

It creates a sense of urgency for a solution and a need for information.

Let’s begin by understanding the proposed legislation in two significant states.

Washington and California Move Forward Washington was the first state to get serious about long term care costs That’s partly because the state has some of the highest long term care costs in the nation, according to Genworth’s Cost of Care Survey One of the reasons may be that it also has one of the most generous Medicaid waivers. Medicaid programs are strained in states around the country, but especially in Washington. In 2019, the state passed a law to fund a public long term care program through a mandatory payroll tax on every W-2 employee. The only exception offered was to opt out by purchasing private long term care insurance. Things were relatively quiet until the state amended the law in April 2021 that shortened the time available to purchase private LTCI. People had about six months to find a specialist, explore available products, and apply if they had any hope of qualifying for the payroll tax exemption.

Suddenly, everyone in Washington was rushing to find a long term care insurance specialist. When all was said and done, of the nearly 4 million W2 employees in the state, 450,000 purchased a long term care insurance or hybrid policy with a long term care rider that qualified them to opt-out of the payroll tax in Washington. Most of them purchased during the four-month period prior to the deadline. To put that in perspective, we estimate that less than 200,000 purchased long term care insurance in the entire country during all of 2021.

(Revised from an article that originally appeared in the December 2022 issue of Broker World Magazine )

At BuddyIns, we took a conservative approach in Washington and encouraged people to obtain meaningful coverage rather than just choosing something for the sake of opting out of the payroll tax. One of the biggest and most surprising outcomes was that hundreds of thousands of younger employees used this as an opportunity to purchase life insurance sooner than they might otherwise have done. The demand for both traditional LTCI and hybrid LTCI was extraordinary. Next up is California. With approximately 16.5 million W-2 employees, the number of employees who might be suddenly interested in planning for their life or long term care needs is staggering.

California continues its push toward a payroll tax model that is similar to Washington that would fund a minimum long term care benefit. The California Long-Term Care Insurance Task Force recently provided recommendations regarding the legislation.

On October 6, 2022, the Task Force released its draft Feasibility Study for Assembly Bill 567. The study recommends options for establishing a statewide long term care insurance program. Early indications are that a proposed tax would be on earned income for W-2 employees. It is unclear yet how an exemption would work if someone owned a qualifying long term care insurance policy However, the task force recommendation currently includes opt-out or exemption language

The final feasibility study was released on December 14, 2022

Slightly fewer group and individual products and carriers are available in CA than in WA, mostly because product approvals from the state take longer However, taking steps to purchase coverage now means there is a robust market of options available before the expected increase in demand if a law gets enacted As of the date of this article, there has been little press coverage about this proposed payroll tax

There are approximately 16,500,000 employees in CA, more than four times the number in WA BuddyIns expects a limited capacity of individual and group products with qualifying LTC riders in California

The proposed CA benefit designs vary from $36,000 of coverage up to $144,000 for the most comprehensive option In comparison, the cost of care for a 3-year long-term care claim event projected out in 30 years is around $1,000,000 In WA, the amount of coverage was $36,500 with nominal increases

Cost of the payroll tax may be split between employer and employee May offer an opt-out provision/exemption if purchased before the Program's effective date

Reduced Program contributions if private insurance purchased after the Program's effective date

Regardless of how the exemption is structured, CA employees may want to start the process of purchasing private insurance before any final state announcements are made This could help avoid the rush for long term care insurance coverage that we saw in WA

IMPORTANT: The state may assess the financial impact of changing the deadline for the purchase of opt-out eligible private insurance policies from the Program effective date to the beginning of the year preceding the Program effective date. (Final Draft Feasibility Report, page 15)

Benefit eligibility of two of six activities of daily living (ADLs), or severe cognitive impairment. Benefits available outside of California with some exceptions.

Family caregiver support includes reimbursement to informal or family caregivers subject to completion of certified caregiver training.

Notable program design elements per the California Long-Term Care Insurance Task Force:

BuddyIns Recommendations:

Be proactive It’s important for employees to obtain meaningful LTCI coverage and to start the process before any final state announcements This helps to avoid the rush for long term care insurance coverage that we saw in Washington

Start identifying your portfolio of solutions There may be slightly fewer group and individual products and carriers in California than in Washington because product approvals from the state take longer

Understand the group market Hybrids are the most likely solution in this space We expect the capacity of individual products in California to be limited, but group products with guaranteed issue or streamlined underwriting may have more availability

Be prepared to offer both life insurance and long term care insurance options As experienced in Washington, life insurance will see a surge in sales due to younger employees needing life insurance and long term care insurance

Create an effective outreach strategy At BuddyIns, we will model what we did in Washington with a few modifications:

Create an outreach process and campaign that targets employers, business owners, and higher-earning professionals who would be good candidates for coverage

Establish a dedicated team of long term care insurance specialists

Make it easy for employees to educate themselves on long term care planning and solutions using webinars, articles, and videos that plug into an employer’s established communication channels.

Simplify the application process through technology as much as possible, including preunderwriting, pre-quoting, and streamlining the application process.

More than a dozen states, including Minnesota, Pennsylvania, and New York, are considering this type of legislation as they seek to manage long term care costs that continue to climb. It’s an opportunity for financial planners, insurance agents, and long term care insurance specialists to lead conversations with clients about how long term care funding should be part of a comprehensive financial strategy. Now is the time to get ahead of those conversations by building out your communications, marketing, and sales strategy.

By Hunter Sexton, JD, MHA Compliance Consultant, Sydney Consulting Group

The Battle for Variability; New Mexico’s Latest Salvo

Imagine for a moment a group supplemental benefits market where every single combination of benefits required its own unique prior approval from state government regulators In this regulatory landscape, if you’ve sold two groups essentially the same plan, with one group’s plan having a $5 richer Confinement benefit, both plans (and their underlying rates) would need to be approved by regulators before the policies could actually be issued Approvals that could take months, and in rare cases, even years to procure This is the practical nightmare lurking in the shadows of markets that do not permit variability in their group insurance products And if we’re not diligent, this nightmare will become our reality

Variability is, in essence, flexible plan design Instead of a fixed set of benefits, benefit amounts, and limitations, variable contracts provide the flexibility of moving benefits and contingencies in or out of a plan without the need to have any single benefit combination approved by regulators Instead, regulators approve “generic” contract forms and rates that explain which parts of the contract can be modified and how (typically through a “statement of variable language” document) As long as a variable generic version of the plan is approved by regulators, brokers and policyholders are free to negotiate any combination of benefits, benefit amounts, and limitations that are variable Variability, of course, is crucial in the group supplemental market, precisely because group insurance needs are inherently more complex than that of individual consumers

In order for the market to meet the diversity of group insurance demands, a certain degree of plan design flexibility is necessary Without the flexibility of variable plan designs, the value proposition of “vanilla” group products becomes watered down to the point of untenability

This is the practical nightmare lurking in the shadows of markets that do not permit variability in their group insurance products And if we’re not diligent, this nightmare will become our reality

Because variability is such a crucial aspect of how the group supplemental market operates, it raises concerns when states adopt rules and policies that undermine the ability of carriers to market variable plan designs The most egregious recent instance of a state doing this is New Mexico, through their newly adopted supplemental insurance regulations The state has effectively destroyed variability in the contributory group market by requiring prior approval of non-variable Outlines of Coverage (ie specific benefit designs) as well as the approval of rate materials which support these benefit combinations Despite formal resistance from carriers and advocacy groups like the American Council of Life Insurers, New Mexico’s burdensome new policies were solidified by an Administrative Hearing Officer’s findings

When concerns were raised about the practical implications of New Mexico’s new variability rules, the Department candidly expressed that the new rules were indeed intended to curtail the supplemental market. Worse still, the rules don’t just impact New Mexico-based parties. Consider the additional extra-territorial issues posed when presenting options to a jumbo case policyholder, whose operations may include New Mexican residents Any ambiguity regarding ET implications in New Mexico were extinguished by the Hearing Officer’s commentary on the issue: “OSI staff recommends that compliance with this rule be applicable to out-of-state companies who employ 20 or more New Mexico residents at any time during the calendar year” (Response to Comments on Proposed Excepted Benefits Rule Docket 20210084, February 2022) For these cases, special casespecific-filings will have to be made in New Mexico, with fingers crossed that the Department will review and approve the filings before the plan is to become effective for the broader group

New Mexico is not alone in their skepticism towards variable plan design in group supplemental products States like Oregon and Washington have also consistently rejected plan designs that contain “too much variability” Though, we note that Oregon and Washington rely on broader discretionary powers to compel changes to contract variability, whereas New Mexico is the first jurisdiction in recent memory to codify the prohibition on variability in their insurance regulations

New Mexico is not alone in their skepticism towards variable plan design in group supplemental products States like Oregon and Washington have also consistently rejected plan designs that contain “too much variability.”

Given the recent trend of regulators against variability, we’ve had to develop both short and longer term strategies to assist carriers in retaining marketable plans. In the short term, Sydney has worked directly with regulatory bodies in pinpointing exactly which portions of the contract forms need to be non-variable (as opposed to overzealously removing variability at the first signs of regulatory resistance). A scalpel approach, as opposed to the hatchet. Also, we’ve found that some jurisdictions will permit the benefit design flexibility through riders, just not variable benefits in the base plan itself.

While administering a 25-30 rider plan is less than ideal, it is preferable to going to market with a single, or set of stock plans designs.

The longer term solutions are more challenging for the industry as they require diligent effort and buyin from a multitude of stakeholders (carriers, brokers, and policyholders all aligned)

Foremost, the industry should be more aggressive in eliciting support from government allies outside of the Department of Insurance Where a department isn’t amenable to the industry’s needs, other government stakeholders like legislators (especially those serving on influential committees) can be powerful allies Also, recall that Departments of Insurance are executive agencies of state governments, which means they implement the policy and vision of their Governor’s Office Industry stakeholders can and should call on their elected representatives to support them during these battles

Where a department isn’t amenable to the industry’s needs, other government stakeholders like legislators (especially those serving on influential committees) can be powerful allies

Also, stakeholders should absolutely make their voices heard during Notice-and-Comment Rulemaking Regulators aren’t inherently lawmakers Their ability to create rules that carry the force of law are granted to them for narrow and specific purposes by their legislature and these rules are usually only effective when the regulatory body goes through the Notice-andComment Rulemaking procedure laid out in their state’s Administrative Procedures Act

Part of this process is informing the public about a proposed rule and permitting affected parties an opportunity to publicly comment on the proposed rule. Often times, if the comments are voluminous and persuasive enough, the regulatory body will modify the proposed rule to account for public outcry, and in rare cases, abandon the rule altogether.

In short, we all have a role to play in the fight for variable plan design. Steel your resolve friends, the battle is already upon us.

News

Flash - LIMRA:

Workplace Supplemental Health Products and Disability Insurance Sales Increase in Third Quarter 2022

WINDSOR, Conn Jan 11, 2023 New annualized premium for supplemental health products (accident, critical illness, cancer, hospital indemnity, and other supplemental health insurance products*) increased 3% in the third quarter 2022, according to LIMRA’s workplace benefits sales surveys Interest in critical illness coverage increased during the pandemic,” said Patrick Leary, corporate vice president and director of LIMRA’s workplace benefits research program “While third quarter sales weren’t as strong as the first half of the year, growth continued in the third quarter”

Supplemental Health Insurance

In the third quarter of 2022, US workplace supplemental health carriers reported a combined total of $453 million, 3% higher than the same period in 2021 Through the first nine months of 2022, workplace supplemental health insurance product premium totaled $21 billion, rising 11% year over year New premiums sales for both group and individual workplace supplemental health products improved in the third quarter, up 2% and 5%, respectively Through the first nine months of 2022, group and individual workplace supplemental health premiums also experienced growth Group supplemental health product premium rose 12% while individual products increased 8%

Disability Insurance

Total workplace disability insurance new premium sales were $560 million in the third quarter, a year-over-year quarterly increase of 3% Long-term disability insurance premium drove overall growth in the quarter, up 6% Short-term disability premium was up 1% for the quarter Overall, US workplace disability new premium totaled $28 billion through September 2022, a year-over-year increase of 1%.

Life Insurance

In the third quarter, total workplace life insurance new premium was $630 million, down 6% from prior year In the first nine months of 2022, U.S. workplace life insurance new premium totaled $3 billion, down 1% from the same period in 2021. For the quarter and for the first nine months of 2022, overall workplace life insurance premium declines were largely driven by a decrease in term life insurance premium, which fell 21% for the quarter and 5% for the first nine months of 2022

“In 2021, we saw several large employer sales, which is hard to replicate year over year,” Leary said. “We are, however, seeing more sales among small and midsize employers that held off making changes to their benefits during COVID”

LIMRA’s workplace benefits sales surveys for life insurance, disability insurance and supplemental health represent at least 90% of their respective annualized premium markets You can find the latest data table with US workplace sales trends in LIMRA’s Fact Tank

*“Other supplemental health products” represents products that do not fit the other categories, such as gap insurance, minimum essential coverage plans, limited benefit medical, and heart/stroke products

Originally published on Limracom

Hunter Sexton is a Compliance Consultant with Sydney Consulting Group, LLC. Hunter leads a best-in-class Regulatory Compliance Team that works with carriers and regulators to bring supplemental health and life products to market Hunter earned his Masters in Healthcare Administration from the University of South Florida’s College of Public Health and his Juris Doctorate from Stetson University’s College of Law Hunter came to Sydney Consulting after 12 years of industry experience with major medical carriers that included sales, marketing, plan operations, and finance

Eastbridge: What Do Key Stakeholders of the Voluntary Market Want, Expect, and Need?

Eastbridge is the source for research, experience, and advice for companies competing in the voluntary space and for those wishing to enter. For over 25 years, they have built the industry’s leading data warehouse and industry-specific consulting practice. Today, 20 of the 25 largest voluntary/worksite carriers are both consulting and research clients of Eastbridge.

Nick Rockwell President

Danielle Lehman Senior Consultant

As a Key Contributor to Voluntary Benefits Voice, Eastbridge Consulting will be sharing content from our research and experience that aims to represent the perspectives and “voices” of the many different stakeholders in the voluntary market.

This month we are sharing the perspective these stakeholders have on Online Services.

How to Recession-Proof your Organization (just in case)

Rebecca Smith VP Marketing & Employee Engagement, TrueConnect

Recessions are unpredictable. Yet right now, we’ve been dealing with a recession and the aftermath of one since 2020.

Interest rates have changed drastically throughout the last year especially as the government looks to turn around these financial woes the last few years have brought us. So one thing employers can be certain of right now is that employees’ financial standings may be just like recessions: unpredictable at best.

This leaves employers in an interesting place to come up with strategies and solutions for both their organizations and for their employees Even if a recession doesn’t come in 2023, it’s better to be prepared than not

Recession-proofing your company

There are a few things that you can do to prepare for a recession.

Creative staffing solutions

When a recession hits, or the threat of a recession looms, many employees worry about the safety of their career However, rather than reducing your staff size entirely, there are other options to keep your business running and employees secured

The simplest creative staffing solution is implementing alternative work schedules.

This could look like flexible or reduced hours. While no one wants their hours reduced, this at least allows employees to maintain their employment status and especially their workplace benefits. One of the biggest threats to employees if they lose their job is losing all of the benefits they receive when being employed: medical, dental, vision, financial wellness, mental health, etc Reducing hours may not be ideal, but it leaves some room for employees to utilize other benefits as needed

Evaluate expenses

Another area for organizations to look at is in evaluating what expenses are critical to the business and which expenses are not A few areas to start which tend to be considered more expendable income are:

Reducing office expenses

Limiting or prohibiting business travel

Scaling back departmental budgets

Managing cash flow more aggressively

Reducing the physical footprint of office space

Many organizations already cut back on some of these expenses due to the Pandemic, but if you look close enough, there’s likely additional areas where you can skim some costs down

Prioritize what your employees want

Through transparency and frequent communication, you can boost your employees morale a lot easier than you think Employees value open and consistent communication

Survey and ask your employees what would help them during this time

Provide consistent communication about the state of the organization

Supply employees with financial resources if they need them

Encourage employees to ask for help when they need it

Recognize employees for their hard work

Encourage employees to engage with others in the workforce

Keep communication channels open to HR and organization leadership

Organizations that put a significant emphasis on recognizing employees see engagement levels increase by nearly 60% Sometimes this looks like praise and other times this looks like benefits and providing them with what they need to stay afloat

Offer more benefits

One of the smartest things you can do to prepare your employees for a recession is to offer employee benefits that can provide relief during tough financial times Benefits that will help them:

Save more money

Earn cash back on regular, expected expenses

Provide safe, secure and reliable loans

Increase opportunities to increase credit scores

Debt management solutions

Free financial planning

Overall, we don’t recommend reducing employees’ pay or their benefits Both provide valuable incentive to employees to keep them engaged and productive

Dropping financial stress together

Because recessions bring about more financial stress than any other stress, providing financial wellness benefits to employees becomes that much more important And these benefits can be super easy to implement and can be free to offer

Cross-train your employees

Naturally, when you’re looking to save some money, spending money on new hires can be a huge chunk of change. This is a good time to save money from new hires and really cultivate the employees you do have. In other words, implementing a temporary hiring freeze doesn’t have to be as bad as it sounds. When you take the time to cross-train your employees, you provide them with additional skillsets This not only benefits your organization, but it benefits them as a valued member of your team And similar to number 3 above, it shows you value and prioritize their wellbeing in your organization

A policy of life insurance is the cheapest and safest mode of making a certain provision for ones family

Benjamin Franklin Considered the Founding Father of Insurance in the U.S.A.

By Steve Clabaugh, CLU, ChFC

Do you know who you are?

Andy Williams was a very popular singer and entertainer recording 43 albums with 18 gold records in the 1960’s, 70s and 80s His biggest hit was his recording of the song “Moon River” which was originally written by Henry Mancini for the movie Breakfast at Tiffany’s In 1992, Andy moved to Branson, Missouri and opened the Moon River Theater where he continued to perform until his death in 2012 at age 84

My wife, Gretchen, and I were able to attend one of his Christmas shows when he was in his 80s and were amazed at the strength of his voice, his high energy and the great stories he told

Here is my favorite

One day, a good friend of Andy’s was going to visit his mother at a nursing home in a nearby town and invited Andy to ride along Once there, Andy found a bench in the garden area and was reading a newspaper when a very nice lady, a resident of the home, asked if she could share the bench with him Of course, he said yes and they ended up having a lovely conversation while he waited for his friend When it came time to leave, his ego and curiosity got the best of him

Thinking this must have been a big thrill for the lady to meet and talk with a famous celebrity he asked her, “do you know who I am?” Very gently she replied, “no sir I don’t know who you are but if you ask at the front desk there is someone there who can find out for you”

The entire audience exploded in laughter at the punch line of this well told story!

To me, it is not only funny but is an excellent reminder of the first and most important foundational principle of leadership – knowing who you are Simply put, if you don’t know who you are you can’t be a great leader

We typically think of leadership as, what I call, positional leadership Positional Leadership is defined by organizational structure, a person’s title and role in that organization, the measure of that person’s responsibilities and the associates that person supervises in meeting those responsibilities

While positional leadership is certainly one important type of leadership there are many others including: Expert Leadership (unique knowledge or expertise in a specific field); Influence Leadership (special credibility that encourages others in certain behaviors); Example Leadership (credibility from overcoming significant handicaps or hardships that inspires others to successfully take on their own challenges); Situational Leadership (ability to step up and lead during a time of crisis –often a surprise to the leader); Sales Leadership (ability to consistently achieve exceptional sales results in an ethical manner) and, no doubt, you can think of many more

All forms of leadership are necessary and very important but, the truth is, you can’t achieve your highest success in any form of leadership if you don’t know who you are By that, I mean having a clear understanding of your skills and experience and applying them with consistency in your area of leadership Equally important is having respect for your abilities and how they blend with others to help your team achieve and exceed its goals

Over the years I’ve known several individuals who were Sales Leaders consistently leading their company and enjoying outstanding compensation along with multiple awards and the respect of senior management Unfortunately, some of them were very unhappy with their life and career because they had become convinced that, unless they had an important managerial title, they weren’t really successful

One friend, in particular, led our company in sales, persistency and virtually every measure you can think of year after year His clients felt like he genuinely cared for them, only recommended what they needed and that they could reach him if they had questions or concerns When Mike (not his real name) made a sale - it stayed on the books

However, instead of respecting his professional skills and enjoying the relationship with his clients and the wonderful financial rewards he earned; he tried over and over again to form his own agency so he could be the boss He was so frustrated with his lack of management success that he began self-medicating smoking 3 packs a day, drinking heavily and gambling large amounts of money After a few years of this behavior, it wasn’t really a great surprise when he had a massive heart attack and died in his early 50s

This is an extreme example from the life of a dear friend but leaders who don’t respect or enjoy their gifts is all too common and not just in the area of Sales Leadership Part of the problem, no doubt, stems from peers and organizational leaders not recognizing and celebrating the unique abilities of their leaders However, most of the problem comes from leaders who don’t know who they are

The first and most important foundational principle of leadership - knowing who you are. Simply put, if you don't know who you are, you can't be a great leader

So, how do you find out and maximize the benefits of who you are? I believe there are 3 steps to take:

Technical Research – there are a number of evaluation tools that can help you get an objective read on your strengths and approach to life I’ve used the Keirsey Temperament Sorter and the Birkman Analysis programs successfully but there are many others

Personal Research – talk to friends, business associates and mentors about their view of your particular strengths Make sure you choose those you trust to be honest with you and not try to tell you what you want to hear I had a mentor tell me that I wasn’t even close to being qualified for a Senior VP position I wanted to apply for It wasn’t what I wanted to hear but, when he explained why, I had to agree that this wasn’t a position I would likely have been successful in

Celebrate – who you are with your unique personality and skills Give yourself totally to developing those skills to become the best leader you can be

You may be surprised at the joy and success you find in your career if you know who you are

For

Steve Clabaugh, CLU, ChFC started his career in insurance as a Field Agent, moving on to a Sales Manager, General Manager, Regional Manager, Vice President, Senior Vice President, and President/CEO A long time serious student of professional leadership, Steve created the Relational Leadership program that has been used to train home office, field sales associates, midlevel managers, and senior vice presidents

Today Steve is enjoying retirement with his wife Gretchen in North Carolina

more information on Relational Leadership, contact Steve at sjcsr@hotmailcom

Industry Update

Transamerica is always evolving with new employee benefits products to give employees the flexibility they want They are excited to have launched Transamerica Universal Life Insurance with an enhanced caregiving benefit option.

Check out some key features:

Multiple premium rating structures make it easy to build on the preferred benefits platforms

Builds cash value

No physical exams or blood tests Now with higher GI ($50,000) for spouses (including stay at home parents) Premiums that won’t increase due to age

Flexibility to adjust premiums that accommodate life situations Employees can take it with them whether they leave their job or retire Chronic Condition Rider with the ability to add our extension of benefits and/or restoration riders for even more living benefits offerings

The Chronic Condition Rider Life is full of ups and downs We all want to encourage employees to be educated on the importance of planning for the future A life insurance policy that pulls double duty can help employees not only plan for after they are gone, but for unforeseen life changing events while they are still alive

In addition to the death benefit, adding our caregiving benefit called the Chronic Condition Rider to the policy allows the insured to access their death benefit, should they experience an injury or illness, leaving them unable to perform 2 of the 6 activities of daily living without substantial assistance

Best of all there are no restrictions on how the benefit payment can be used No required proof of facility cares or at home nursing care It can even be used to help pay for care provided by family and friends Bottom line, it’s their money and they can use it to best meet their needs How the Chronic Condition Rider Works:

Option to receive monthly benefits or a one-time lump sum benefit

If the monthly benefit is selected, payment of 4% of the policy value each month for up to 25 months1 There are no restrictions on how the money can be used No institutionalization required to receive benefits1 Pays for formal care, in a nursing home, assisted living, or at home as well as informal care from a spouse, child, or any loved one

Caregiving looks different for each person, but having a life insurance benefit to use for exactly what they need makes universal life insurance with the Chronic Condition Rider that much more critical Transamerica is proud to offer universal life insurance, that is part of a flexible suite of solutions to help employees protect what matters most

1 Requirements may vary by state Refer to the rider for details This is a brief summary of Transamerica Universal Life Insurance℠ UL10 Universal Life Insurance

by Transamerica Life Insurance Company (TLIC), Cedar Rapids, Iowa TLIC is not an authorized insurer in New York Policy Form Series TMUL1000-0421 and TCUL1000-0421 Forms and form numbers may vary Insurance may not be available in all jurisdictions Limitations and exclusions apply Refer to the policy, certificate and riders for complete details Up-to-date information regarding our compensation practices can be found in the Disclosures section of our website at: tebcscom

Meet the Editorial Board

“The more we know, the better we can become Sharing news, education, tools, trends, events and solutions across our industry will help us all be better which ultimately helps our customers Working together we can bring disruption, innovation and new solutions to our industry. For these reasons and many others, I am thrilled to be a part of the Voluntary Advantage Editorial Board"

Jennifer Daniel, National Vice President Broker Distribution Strategy and Partnerships, Aflac

We have seen a dramatic shift in voluntary benefits over the course of the last few years, especially since the height of the pandemic, which brought to light the true need for ancillary products, such as voluntary and lifestyle benefits. Employees are viewing voluntary benefits as absolutely necessary, rather than previously seen as “nice to have” From a Diversity, Equity and Inclusion perspective, there are so many additional ways voluntary benefits can support an employer’s DEI strategy, promoting solutions that directly correlate to employee wants, needs and unique stages of life. This team is working across the industry and now putting our minds together I am excited to see what we can accomplish! I look forward to collaborating with these voluntary benefits leaders and truly making an impact in the lives around us!

In the past, voluntary benefits were just "extra" or an afterthought Today they can fill a need and give employees and employers the options they are looking for If the engagement strategy and the product designs are carefully crafted, voluntary benefits don't have to be sold, but rather purchased I’m excited to be part of the Voluntary Advantage editorial board and work together to improve our industry

Jack Holder, President, EBIS

As the voluntary benefit marketplace becomes increasingly contested, complex, and innovative, maintaining a competitive advantage requires mastery, honing tactical edges and connecting seamlessly across all domains. I am excited to collaborate with the Voluntary Advantage editorial board and to share created and cultivated content subscribers can synthesize, extract and leverage in our rapidly evolving marketplace Recognizing that the learning-growth process isn’t finished simply by acquiring information, we’ll close the gap between accumulation and action by sharing real-life success stories along with insights and real world learning experiences from those who’ve walked the walk I am honored to be involved with an organization that supports and advances professional growth within the world of Voluntary insurance I’m thrilled to be an inaugural member of the Voluntary Advantage editorial board Michael Naumann, Worksite Practice Leader (Western US) for Reliance Standard Insurance Company

Jessica DePhillips, Voluntary Benefits Practice Leader for the Central/East Markets, and Co-Chair, Mercer Voluntary Benefits Diversity, Equity & Inclusion Committee, Mercer

“Voluntary and lifestyle benefits are the world’s best kept secret for engaging employees With some employers seeing 40% of their employees returning monthly for more, you can happily call that “user validation” With today’s disengaged teams, remote working, and a competitive market for hiring and retaining employees, engagement is more important than ever. Voluntary Advantage will provide desperately needed thought leadership around the market’s plethora of products, tools, providers and communication options – helping all participants be much more engaged”

Seif Saghri, CEO & Founder, BenefitHub

viding Voluntary Benefit solutions to us is not a job, it is a mission The protections t we provide to policyholders can have a substantial impact on their quality of life y and tomorrow Our mission behind creating Voluntary Advantage is to grow the try to positively impact even more lives and to evolve the industry to be even more relevant for the next generation of policyholders."

r & Heather Garbers, Co-Editors, Voluntary Advantage, Voluntary Benefits Practice HUB International

"It is an honor to be part of this publication and contributing to the fast-paced evolution the Voluntary Benefits business is having on clients, their employees and dependents We have an incredible opportunity to be a voice to the industry and the issues impacting how benefits are offered through the workplace"

Mark Rosenthal, Senior Managing Director, PwC

“The Voluntary Benefits industry only gets stronger and stronger as advisors, brokers and carriers look to bring more value to employers and employees It’s exciting to help shape the direction forward in this amazing industry by working with Voluntary Advantage as a contributing Editorial Board member of Voluntary Advantage"

Michael Stachowiak, SVP Head of Sales, Colonial Life

Calendar of Events

Strategies to Enhance Your Online Presence and Win More Business

In a post-pandemic world now shaped by remote workforces, insurance professionals can no longer rely on word-of-mouth referrals and in-person interactions to win new business

To grow business, brokerages must show up where their customers are shopping–online In fact, a recent survey by Brightlocal revealed that more consumers are reading online reviews than ever before

Employee benefits professionals, brokers, and advisors are invited to attend Mployer Advisor’s first webinar of 2023 featuring Mick McKoin, Mployer Advisor’s Director of Customer Success, and Anthony Waters, Mployer Advisor’s SVP of Strategy and Product

Register Here

LTCi Annual Market Review

BuddyIns will review the LTCi industry in 2022 and provide insights regarding the market, tools, products, and strategies that will be important to meet your business objectives in 2023

Discussion topics:

New product releases and predictions for 2023

Best-selling products of 2022

Updates on state payroll tax legislation

The Voluntary Benefits Voice is published monthly in digital format only by Voluntary Advantage, LLC. Subscriptions are available at no cost by subscribing at wwwvoluntary-advantagecom

Copyright 2023 by Voluntary Advantage, LLC. All rights reserved. No part of this magazine may be reproduced in any form without consent.