Not all Voluntary Benefits policies are created equal. As consumers are becoming more aware of the need for Voluntary Benefit protection, they are often overwhelmed by the myriad of insurance policies they have to choose from. Regardless of insurance company, the following features are critical in evaluating whether or not to purchase a policy: Guaranteed Renewable – An incredibly important consideration is whether or not the policy is guaranteed renewable. If it is, the insurance company can’t raise your rates or drop your coverage just because you are making claims. This is unlike auto insurance where the insurance company will do just that. Most Voluntary Benefits insurance companies reserve the right to raise rates, but they must treat every customer that owns that policy equally. Underwriting – A majority of Voluntary Benefit policies require just a few questions to determine eligibility. Very rarely do they ask for medical records or blood work. In fact, under certain circumstances the policy may be “guaranteed issue.” In other words, regardless of medical condition, you can’t be turned down. Portability – Most (not all) Voluntary Benefits programs are purchased through a payroll deduction. It is important to know when you leave employment that you have the   Read more…