Total voluntary sales in 2018 for all product lines was $8.513 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represented an increase of 4.5% compared to 2017.
Universal life/whole life (UL/WL) and critical illness had double-digit sales growth. Term life was again the top-selling product line this year, followed by dental, accident, short-term disability, and then critical illness.
Life insurance sales were flat year-over-year, totaling $2.3 billion, and continued to account for the largest percentage of sales — 27% of all voluntary sales. Term life sales were down 3% compared to 2017, totaling just over $1.7 billion. UL/WL sales were up 12% this year, totaling $573 million.
Total disability sales were $1.6 billion, up 6% over 2017. Short- and long-term disability sales both increased 6% over 2017 results. Accident sales increased by 7% in 2018 with total sales of $1.1 billion.
Hospital indemnity/supplemental medical sales declined by 1% with total sales of $644 million. Critical illness sales increased by 12% in 2018, continuing the run of double-digit increases since 2018 with total sales of $754 million. Cancer sales increased by less than 1% compared to 2017 and totaled $343 million.
U.S. Voluntary/Worksite Sales Report, a Spotlight™ Report
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Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.