Voluntary term life offerings continue to rise in popularity, according to recently surveyed carriers by Eastbridge.

AVON, CONNECTICUT, USA (January 19, 2016)

Much of the rise in popularity of voluntary term life coverage comes from more employers either reducing or eliminating their employer-paid term coverage. Sales for voluntary term life plans have doubled since 2008 and now comprise nearly 22 percent of the overall voluntary market, the largest percentage of any one voluntary product.

The 2016 Voluntary Term Life Products Spotlight™ Report is designed to help carriers better understand the competitive landscape around term life plans sold at the worksite. The report provides data from 22 carriers active in the market and covers such topics as product features and benefits, underwriting guidelines/eligibility parameters, commissions, pricing and challenges/future trends.

Following are a few additional findings from the report:

• Group is the dominant product platform for voluntary term products, similar to other products in the market.
• Takeovers comprise a high percentage of new business, particularly for the group  plans
• Many carriers today offer voluntary term life coverage to part-time employees, although most still require a minimum number of hours worked, often at least 20 hours per week.

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