Eastbridge Consulting Group announces updated report on voluntary term life market and products

AVON, CONNECTICUT, USA (July 23, 2013)

Term life products continue to be in demand from employers and employees. Carriers are responding to that demand by providing more choices and options where term life products and optional benefits are concerned. The Voluntary Term Life Products 2013 Spotlight Report helps carriers better understand the competitive landscape around today’s term life plans sold at the worksite so they can tap into a line that now accounts for the largest percentage of new voluntary product sales.
Following are a few findings from the report:

  • The types and number of riders available with voluntary term life products have increased dramatically in the last several years, providing more choices for employees.
  • Simplified issue underwriting for term life plans is more common today than in the past.
  • Differentiation for voluntary term life is primarily driven by special programs and services available with the plans, a variety of face amounts offered, and flexible underwriting offerings.

The report includes data from 22 different carriers active in the market including:

  • Product features and benefits (product type and platform, minimum/maximum face amount, available riders, etc.)
  • Underwriting guidelines/eligibility parameters
  • Commissions
  • Pricing

With this data, carriers can evaluate their own term products and strategies to determine if changes are needed to make their product more competitive.

The cost of the report is $3,000. To purchase, call (860) 676-9633 or email info@eastbridge.com.

Report Summary

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.

 

 

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