2005
Voluntary Universal and Whole Life Product
Life plans are a mainstay in virtually every
carrier’s
voluntary product portfolio. Based on the U.S. Worksite Sales
Study, the new business annualized life sales for 2004 were over
$1 billion. In fact, life insurance is the most frequently sold
voluntary product, accounting for 24 percent of all worksite/voluntary
sales. New business annualized premium for universal and whole
life products accounted for 42 percent of the life sales (with
term life making up the balance).
But because there are so many plans out there, competition is
fierce. Carriers must stay abreast of the offerings in the market
(including the underwriting and commissions) in order to maintain
a competitive advantage.
The 2005 Voluntary Universal and Whole Life Products Spotlight
Report is designed to help carriers better understand the competitive
landscape around universal and whole life plans sold at the worksite.
The report includes data on the current market environment and
the perspectives of brokers, employers, and employees. In addition,
the report includes data from 17 different carriers active in
the market. For each company, we report (as it relates to UL/WL):
- The worksite focus of the company
- Distribution strategies and channels
- Product features, including product type, minimum/maximum
face amount, available riders, etc.
- Underwriting guidelines/eligibility parameters
- Pricing and cash values
- Commissions
Order Info: The
report is available for purchase for $2,500. To order your copy,
simply email us at info@eastbridge.com or
call (860) 676-9633. Published
2005.
Table
of Contents
1. Executive
Summary
A. Report Objectives
B. Key Findings
C. Recommendations
D. Methodology
2. Market Overview and General Carrier
Information
A. The Carrier Perspective
B. The Producer Perspective
C. The Employer Perspective
D. The Employee Perspective
E. Annual Voluntary
Life Sales Premiums
1. Worksite Sales
2. Top Carriers
F. General Data for Profiled Carriers
1. Market
Profile
2. Target Markets
3. Distribution Channel
3. Product Details
A. Product Features
1. Minimum and Maximum Face
Amounts
2. Available Riders
3. Spouse and Juvenile Policies
4. Surrender Charge
Time Period
5. Loads and Fees
6. Unique Features or Services
B. Underwriting
1. Issue Ages
2. Simplified Issue—Minimum
Case Size
3. Simplified Issue—Minimum Participation
4.
Simplified Issue—Maximum Face Amount
5. Simplified Issue—Eligibility
6. Simplified
Issue—Health Questions
7. Simplified Issue—Face
Amount Requiring Blood
8. Guaranteed Issue—Minimum Case
Size
9. Guaranteed Issue—Minimum Participation
10.
Guaranteed Issue—Maximum Face Amount
11. Guaranteed Issue—Eligibility
C. Commissions
D. Pricing
1. Face Amount for $10/week Premium
(Non-Smoker)
2. Guaranteed Cash Value at Age 65
3. Universal
Life Face Amounts Side-by-Side Comparisons
4. Universal Life
Guaranteed Cash Value at Age 65 Side-by-Side Comparisons
5.
Whole Life Face Amounts Side-by-Side Comparisons
6. Whole Life
Guaranteed Cash Value at Age 65 Side-by-Side Comparisons
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