#040: The Need For Voluntary Benefits

Tim Martin and Steve Savant

I recently appeared on Steve Savant’s Money, The Name of the Game. This is episode 1 of a 5 part series regarding Voluntary Benefits. Below are excerpts from the press release announcing this episode. You can listen to the audio as a podcast or watch the video that appears at the bottom of this page.

Press Release

The true need for Voluntary Benefits hasn’t changed in the last 25 years. The perceived need is greater than ever due to the changes in major medical insurance.

The Affordable Care Act (ACA) and pressure on private health insurance plans have driven unprecedented change in the healthcare industry. Deductibles, co-pays, and co-insurance are skyrocketing almost as fast as the rates are. Many parts of the country have seen an increase of 50% or more for major medical premiums.

A 2015 Harvard study found that the leading cause of bankruptcies (just over 60%) was due to medical expenses. The surprising finding of this study was a majority of the people that claimed medical bankruptcy had medical insurance.

Most families don’t have the savings necessary to withstand the financial chaos while facing serious medical conditions. Often there is a double loss of income as a healthy spouse stays at home to care for the injured or ill spouse. When children are involved, the family comes to a standstill, but the rent, electric bill, and car payments keep coming due.

The financial strain can also lead to emotional damage. This is why many insurance agents talk about the triple threat of serious health conditions. The disease damages the body, the finances, and the emotions. A good insurance policy can’t fix all of the emotional damage, but it can at least ease the stress of financial worries.

Voluntary Benefit companies have helped people keep their creditors at bay for over 75 years. Often the real cost of a serious illness or injury is not the medical bills. Typically, after a serious accident or illness, family expenses skyrocket and income plunges. Most families are left with devastating financial challenges.

There is a myriad of Voluntary Benefits policies offered by a few dozen insurance companies. Most often these policies are purchased through an employer via payroll deduction.

Consumers can’t always protect themselves physically from serious accidents or illness. They can make sure that their family is protected from the devastating financial realities that often ensue. Most consumers purchase Voluntary Benefit policies to make sure that after a serious incident they can keep food on the table, gas in the car and a roof over their head.

Thank You For Listening

I really appreciate you listening to the podcast and would love it if you would be so kind as to rate the podcast on iTunes.  To do that, all you have to do is go to http://successisvoluntary.com/iTunes and follow the instructions.  It will take you less than 30 seconds and would be a huge help to me as it will keep the podcast towards the top of the business charts in iTunes which will help new people discover it. And don’t forget to give it some digital love. Please share on Facebook, Linkedin, Twitter, or anywhere else you hang out in the social media universe!

I look forward to seeing you back here next week, in the meantime, don’t forget that everything you do in this business is voluntary.  Including success!!!

Tim Martin

Author: Tim Martin

Tim has spent the last 22 years in the VB sales world. During that time he has recruited and trained over 2,000 agents to get people to do what they should, but wouldn't do if we didn't come along. In addition to his leadership rolls at the two largest VB carriers on the planet, Tim has worked with outside organizations through consulting and sales coaching. His energetic and humorous key note addresses have also inspired and electrified audiences throughout the United States. Currently Tim is also working on his first book "Success Is Voluntary." Tim and the lovely Dizzy D reside in Peoria, Arizona. They have been married for 29 years and are the proud parent of two gorgeous grown young women, Brittny 27 and Victoria 25.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.