Many willing to pay from $15 to $50 per month for additional coverage
Most workers want the ability to include voluntary add-ons in the benefits plans they receive from their employers, according to a recent report.
Overall, 66 per cent of employees say they want to see more voluntary add-ons, finds Perigon Life.
The company’s survey of 975 insured Canadians reveals that 88 per cent have a group health plan. Among them, 75 per cent say their group plan offers optional add-ons, and over half of those have opted in.
However, about one-third of respondents say they feel underinsured, with cost being the top barrier to accessing more insurance.
Most are willing to spend between $15 and $50 per month for additional coverage—if it is easily accessible through their employment.
However, only one in four say they would look online for additional coverage—“indicating most still rely on their employer for benefits access,” says Perigon Life.
And just two per cent say they would proactively ask their employer for additional insurance options.
Mental health benefits
Perigon Life’s survey also suggests that Canadians are increasingly seeking mental health benefits.
Specifically, 83 per cent of respondents say integrated mental health support is important, with half rating it as “very important.”
“Those who feel that coverage impacts happiness are more likely to prioritise mental health support,” says the company.
Three in 10 (30 per cent) Canadian employees have experienced a decline in mental health, according to previous findings from Dialogue.
And mental disorder was the most common diagnostic category in 2024, accounting for nearly 40% of all long-term disability (LTD) claims, according to a previous report from Sun Life.
Employers benefit with voluntary add-on offers
Offering voluntary add-on options in their benefits plans bring a lot of positives for employers, says workforce management firm Rippling.
“Not only do voluntary benefits support employees, but they also bring measurable benefits to your business,” it says.
Rippling notes that these include:
- Enhanced employee satisfaction and retention: Voluntary benefits help fill gaps in standard insurance plans. Employees can tailor their coverage to personal needs, increasing well-being and loyalty.
- Strengthened company culture and engagement: Offering a robust selection of voluntary benefits demonstrates employee value. Employees who feel appreciated are more likely to engage, fostering a positive workplace culture.
- Competitive advantage in recruitment: A compelling compensation package with quality voluntary benefits can be a deciding factor in competitive hiring situations.
- Increased productivity: Employees with health, disability, and financial protections through voluntary benefits experience reduced stress, enabling better focus and performance.
- Cost-effective benefits expansion: Voluntary benefits enhance an organisation’s offerings without substantial cost increases, as many are employee-paid.
Inclusive benefits boost employee retention, according to a previous report from Sun Life.
