Carriers marketing term life coverage in today’s voluntary market are finding heightened competition from group carriers or brokers entering the voluntary space by focusing on voluntary term and from direct (online) distributors. Others are feeling pressure from current competitors regarding rates and benefits offered. Some are also seeing a shift towards less basic employer-paid plans and more true voluntary term coverage as fewer employers provide the basic coverage.
Other trends mentioned include offering additional riders and built-in options such as critical and chronic illness and AD&D benefit options for the family as a means of product differentiation. Competitive pressures are also leading some to offer higher guaranteed issue limits and lower participation requirements, as well as longer rate guarantees. Many carriers are also finding they need to streamline the enrollment process by providing more self-enrollment to better meet employer and employee demands.
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.
Voluntary Term Life Products, a Spotlight™ Report
The cost of the report is $3,000. To purchase, call
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.