VEBA Offers Worksite Insurance Products Through Allstate
MBA VEBA is excited to now offer voluntary worksite benefit plans that provide tremendous value to both employers and employees. Effective Oct. 1, MBA VEBA members have access to whole life (with accelerated death benefit for long-term care), accident insurance, critical illness insurance and hospital indemnity through our partnership with Allstate, one of the leading providers of supplemental product lines.
Worksite benefits are employee paid and allow an employer the ability to provide a wide range of additional benefit programs and services to employees at no cost to the company. They successfully fill gaps in the core benefit program while helping employees offset out-of-pocket medical expenses and providing financial protection in the case of an accident, injury or hospitalization, as well as peace of mind of financial stability in the case of death.
Because the benefit needs of your employees vary, a voluntary worksite benefits program allows each employee to enroll in additional coverages that fit their lifestyle. Visit Allstate Benefits website for more details.
Whole Life Insurance
As people move through the stages of life, certain factors determine the type of life insurance needed. Help your employees prepare for the unexpected with group whole life insurance. Our whole life insurance can help provide financial security for life and its uncertainties. Give your employees peace-of-mind and confidence, knowing their loved ones are protected. The death benefit can be used to help pay for funeral expenses, mortgage payments and more. In addition, there is an accelerated death benefit for long-term care, accelerated death benefit for terminal illness or condition rider, as well as an accidental death benefit rider.
Expenses build quickly with an accident, and this policy provides benefits that individuals can apply toward these unexpected costs. The benefits for this type of insurance are typically paid based on a specified injury, such as a broken leg, fractured wrist, ambulance services, physical therapy and more. The cash benefits can be used to help pay for deductibles, treatment, transportation, lodging costs and more.
Critical Illness Insurance
Serious health events typically carry substantial expenses to the patient. This program will pay benefits based on the diagnosis of critical illnesses such as cancer, heart attacks, strokes and major organ transplants. The designated flat dollar payments are made to the insured, regardless of any other coverage the individual may have. The rationale for this is that there is typically a significant financial liability resulting from such illnesses, both medical (deductibles and coinsurance) and nonmedical (travel, childcare, etc.).
Life is unpredictable. Without warning, an illness or injury can lead to hospital confinement, which often means costly out-of-pocket expenses. Such strain can result in families struggling to meet their financial obligations. If you end up spending time in the hospital, you receive a fixed benefit amount paid directly to you to help cover expenses. The benefit is paid directly to the policyholder and could be used for anything, such as deductibles, coinsurance, transportation, medications, rehabilitation or home care costs.
For More Information
MBA VEBA will offer these products through a designated Allstate Benefits agent who will enroll and service the voluntary benefits. If you are interested to learn more about this, please contact Lesley Weaver or Tina Woehr at 573-636-8151.