Voluntary Benefits
Published by Trustmark Voluntary Benefits on April 20th, 2021
Spring has sprung! All over the country birds are chirping, flowers are blooming and the smell of freshly cut grass fills the air. For many of us, this season also signals to us that it’s time for a deep spring cleaning. While you’re at it, why not dust off your insurance policies and refresh yourself on your coverage? Here are some things you might want to take a fresh look at.
1. Address and personal information
When you move or get a new phone number, it’s hard to keep track of everything you need to update. Between informing your bank, the state and your friends and family, it’s easy to forget that your insurance carrier also needs your most current information. Some carriers need you to call them directly, but many have convenient online policy owner portals where you can simply update your address, phone number or any other personal information on your own.
2. Beneficiaries
If you have a life insurance policy, can you name all your beneficiaries off the top of your head? If not, it might be time to review your policy and see who’s listed. It’s important to know who your beneficiary or beneficiaries are and make sure that they know about it! If something should happen to you, it will be their responsibility to inform the insurance company and file the claim. Or, based on life changes, you may want to designate a different beneficiary than the one you had when you bought your policy.
Millions of life insurance benefits go unclaimed each year because the beneficiaries lack basic policy and coverage information such as the policyholder’s carrier, benefit amount or where the actual policy is stored. In fact, 21 percent of Gen Z and 20 percent of millennials don’t even know if they’re a beneficiary or not.1 This is why reviewing your policy and having clear communication with your beneficiaries is so important.
3. Voluntary benefits coverage
You may be familiar with your major medical coverage, but what about any voluntary benefits you’ve elected? Did you purchase dental, vision, accident, hospital, critical illness, disability or life insurance? If you did, take some time to dust off the policies and familiarize yourself with your coverage. You don’t want to miss claiming your benefits because you didn’t know you had them!
Also, note that these types of benefits aren’t necessarily just for when you have an injury, go to the ER or can’t work. Some carriers offer wellness benefits to help cover more regularly medical expenses for things like routine physicals, immunizations or health screenings.
4. Deductibles
Speaking of major medical coverage, be sure you know how big of a deductible you have on your policy. Not sure WHAT a deductible is? A deductible is the amount you pay on your bill before your medical insurance kicks in and pays the remainder of the fee. So, say you’re injured and your treatment costs $5,000 and your deductible is set at $2,000. That means you’re responsible for paying that $2,000. If you’re part of the 63 percent of Americans who have been living paycheck to paycheck since last March, you likely don’t have $2,000 just sitting in the bank for a medical bill.2
That’s where your voluntary benefits coverage comes in. In this example, if you have accident or hospital insurance, you could receive cash that helps you cover that $2,000 deductible. Again, this is why it’s a good idea to dust off your policies and make sure you’re familiar with your coverage.
If you haven’t been diligent in the past about reviewing your insurance coverage and financial health, that’s okay! Spring is a time for new beginnings and a fresh start. Take this opportunity to open the windows, put on some tunes, and dust off your knick-knacks and insurance policies
1InsuranceNewsNet. Millions in Life Insurance Benefits Go Unclaimed Annually: NAIC. 2020.
2CNBC. 63% of Americans have been living paycheck to paycheck since COVID hit. December 2020.
1. Address and personal information
When you move or get a new phone number, it’s hard to keep track of everything you need to update. Between informing your bank, the state and your friends and family, it’s easy to forget that your insurance carrier also needs your most current information. Some carriers need you to call them directly, but many have convenient online policy owner portals where you can simply update your address, phone number or any other personal information on your own.
2. Beneficiaries
If you have a life insurance policy, can you name all your beneficiaries off the top of your head? If not, it might be time to review your policy and see who’s listed. It’s important to know who your beneficiary or beneficiaries are and make sure that they know about it! If something should happen to you, it will be their responsibility to inform the insurance company and file the claim. Or, based on life changes, you may want to designate a different beneficiary than the one you had when you bought your policy.
Millions of life insurance benefits go unclaimed each year because the beneficiaries lack basic policy and coverage information such as the policyholder’s carrier, benefit amount or where the actual policy is stored. In fact, 21 percent of Gen Z and 20 percent of millennials don’t even know if they’re a beneficiary or not.1 This is why reviewing your policy and having clear communication with your beneficiaries is so important.
3. Voluntary benefits coverage
You may be familiar with your major medical coverage, but what about any voluntary benefits you’ve elected? Did you purchase dental, vision, accident, hospital, critical illness, disability or life insurance? If you did, take some time to dust off the policies and familiarize yourself with your coverage. You don’t want to miss claiming your benefits because you didn’t know you had them!
Also, note that these types of benefits aren’t necessarily just for when you have an injury, go to the ER or can’t work. Some carriers offer wellness benefits to help cover more regularly medical expenses for things like routine physicals, immunizations or health screenings.
4. Deductibles
Speaking of major medical coverage, be sure you know how big of a deductible you have on your policy. Not sure WHAT a deductible is? A deductible is the amount you pay on your bill before your medical insurance kicks in and pays the remainder of the fee. So, say you’re injured and your treatment costs $5,000 and your deductible is set at $2,000. That means you’re responsible for paying that $2,000. If you’re part of the 63 percent of Americans who have been living paycheck to paycheck since last March, you likely don’t have $2,000 just sitting in the bank for a medical bill.2
That’s where your voluntary benefits coverage comes in. In this example, if you have accident or hospital insurance, you could receive cash that helps you cover that $2,000 deductible. Again, this is why it’s a good idea to dust off your policies and make sure you’re familiar with your coverage.
If you haven’t been diligent in the past about reviewing your insurance coverage and financial health, that’s okay! Spring is a time for new beginnings and a fresh start. Take this opportunity to open the windows, put on some tunes, and dust off your knick-knacks and insurance policies
1InsuranceNewsNet. Millions in Life Insurance Benefits Go Unclaimed Annually: NAIC. 2020.
2CNBC. 63% of Americans have been living paycheck to paycheck since COVID hit. December 2020.
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Written by Trustmark Voluntary Benefits
We provide innovative voluntary benefits that help our policyholders achieve greater financial security and protect what they care about most. You care. We listen.
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