Total voluntary sales in 2014 for all product lines was $6.89 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represented an increase over 2013 of just under four percent.
Critical illness sales finally exceeded cancer sales for the first time this year with $391 million in sales. Critical illness garnered a 20 percent increase in sales compared to a decrease for cancer sales.
As in the past, life insurance again accounted for the highest percentage of total voluntary sales --- 27 percent. This line generated $1.877 billion in new sales in 2014. Term accounted for 76 percent of the total life NBAP. Both UL/WL and term experienced flat sales compared to 2013.
Total disability sales were $1.363 billion for 2014, down slightly from 2013, and accounted for 20% of voluntary NBAP. Short-term disability sales accounted for 67% of the total and were down somewhat compared to 2013, while LTD sales were up by slightly over 3%.
Accident sales recovered in 2014 after a down year in 2013. The accident line accounted for 12% of total voluntary sales and was up 9% over 2013 with sales of $848 million. Hospital indemnity/supplemental medical had a 9% share of total sales and were up 10 percent over 2013.
The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry with detailed data on the performance of over 60 carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry.
Carriers interested in participating in next year’s study should email Eastbridge at email@example.com. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.