Total voluntary sales in 2017 for all product lines was $8.1 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represented an increase of almost 7 percent over 2016.
Life insurance sales were up 13 percent year-over-year, totaling $2.3 billion, and continued to account for the largest percentage of sales—29 percent of all voluntary sales. Term life sales increased by 14 percent compared to 2016, totaling over $1.8 billion. Universal life and whole life sales increased by 7 percent compared to 2016.
While almost all product lines achieved growth in 2017, the product line with the most impressive long-term growth was critical illness, achieving double-digit growth every year since 2010. Critical illness sales grew by 21 percent compared to 2016 with total sales of $673 million for 2017. Cancer sales were up 2 percent compared to 2016 and totaled $341 million.
Accident sales also showed double-digit growth in 2017 with total sales of $1.1 billion, an increase of 13 percent over 2016 sales. Hospital indemnity/supplemental medical sales increased 4 percent with total sales of $646 million.
Total disability sales were $1.6 billion, up almost 7 percent over the $1.5 billion for 2016. Short- and long-term disability sales both increased for 2017 at 7 and 4 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 66 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 firstname.lastname@example.org or call (803) 782-0560. 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.