Editor's Blog

Voluntary Benefits - Explored, Part 2

Voluntary Benefits - Explored Part 2.jpg

   Today’s working landscape does not resemble the one that existed a decade ago. Professionals have seen their schedules, offices, and resources alter dramatically in ways that are challenging and exciting. One thing hasn’t changed; employees and their families still need insurance coverage that supports their varied lifestyles and financial situations.  

In building and refining the ManhattanLife voluntary benefits line, we have always strived to remain up-to-date and aware of the evolving, specific needs of the policyholder. Without strong innovation, we cannot provide the high-quality coverage that customers greatly deserve and are accustomed to. With these principles in mind and in direct response to the ever-expanding workforce’s dedicated people, we recently created two products that further demonstrate our coverage expansion.

Below we briefly examine Group GAP and Group Universal Life (GUL).

Group GAP

A 2022 study found that the average premium for family coverage has increased 20% over the previous five years. That same study found that for workers with single coverage and any deductible, the average deductible amount has increased 17% over the last five years.* ManhattanLife offers an excellent way to mitigate these large healthcare costs.

Group GAP is fully customizable to function seamlessly with an employer’s medical plan. Benefits are customized based on an employer’s situation. Our Group GAP plan is easy to understand and offers vital coverage to help offset the financial gaps left behind by major medical coverage.

If an employee is going to have supplemental insurance, why not make it really count? Our Group GAP plan was especially designed for employees and may assist in lowering their healthcare costs.

Group Universal Life (GUL)

The intent to purchase life insurance is at an all-time high with 36% of Americans saying they intend to purchase life coverage in the next 12 months, a study published in 2021 indicated.** ManhattanLife offers a great solution to what is gradually becoming a necessity.

Group Universal Life is a type of permanent life insurance program that features a flexible premium structure. A universal life policy will guarantee the maximum death benefit with a competitive premium. It also builds cash value to be used for essential needs, can be taken out as a loan, and the insured may accelerate the death benefit due to certain factors like a terminal illness diagnosis. 

To put it succinctly, this is a straightforward plan that provides the policyholder with lasting dependability.

For additional coverage that reassures as much as it helps protect, look no further than Group Universal Life and Group GAP to deliver benefits for each day and every life.

To learn more about these products, visit the Group GAP and Group Universal Life pages on our website.

For sales, please email VBSales@ManhattanLife.com.


Works Cited:

*Kaiser Family Foundation. 2022 Employer Health Benefits Survey. 2023. https://www.kff.org/report-section/ehbs-2022-summary-of-findings/

**LIMRA. 2021 Insurance Barometer Study. 2023. https://www.limra.com/2021 Insurance Barometer Study

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