Similar to our previous surveys, the top six voluntary products owned in this year’s MarketVision™ — The Employee Viewpoint© Spotlight™ Report were whole/universal life, term life, accident, dental, vision, and short-term disability. Identity protection had the highest voluntary ownership in the additional-products category. Overall voluntary ownership rates for the majority of products have remained stable, with the exception of slight increases for short-term and long-term disability and long-term care, compared to our 2015 study.
In addition, among employees in businesses with 10 or more employees, 44% own at least one voluntary product, which represents a slight increase from 41% in our 2015 study. Ownership varied by employer size with the 50-99 employee segment having the highest ownership rate at 54% and the 1,000-2,499 segment having the lowest ownership rate of 39%. Compared to 2015, there were slight increases in the 500-999 and 10,000+ employee segments.
The number of voluntary products owned by those owning at least one voluntary product has remained about the same as our 2015 study. Two-thirds of employees continue to own more than one voluntary product. Employees working for businesses with fewer than 1,000 employees are more likely to own more than one voluntary product.
MarketVision™ — The Employee Viewpoint© Spotlight™ Report provides readers with details on these and other topics. Carriers can use the report to understand and improve their employee value proposition.
MarketVision™ — The Employee Viewpoint©, a Spotlight™ Report
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.