Total voluntary sales in 2015 for all product lines was $7.138 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represented an increase of 3.6 percent over 2014.
Life insurance accounted for the largest percentage of sales—27 percent of all voluntary sales. Term life had a good year, with sales of over $1.5 billion and an increase of almost nine percent over 2014 sales. Universal life and whole life sales decreased by almost 10 percent compared to 2014.
The product line with the highest increase was critical illness, with a year-over-year growth rate of over 25 percent and total sales of $491 million for 2015. Cancer sales were flat compared to 2014 and totaled $346 million.
Accident sales also showed impressive growth in 2015 with total sales of $943 million, an increase of 11 percent over 2014 sales. Hospital indemnity/supplemental medical sales, which showed a solid increase in 2014, were down for 2015, primarily because of the winding down of sales and the elimination of limited benefit medical plans by several carriers. Sales for 2015 in that category totaled $535 million, a decrease of 12 percent.
Total disability sales were $1.397 billion, up about three percent over the $1.363 billion for 2014. Short- and long-term disability sales both increased for 2015 at 2 and 3 percent respectively.
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. For further information, contact Jennifer Davis (860) 676-9633