2006
Voluntary Term Life Products
Life plans are a mainstay in virtually every carrier’s
voluntary product portfolio. In fact, life insurance is the most
frequently sold voluntary product, accounting for 24 percent
of all worksite/voluntary sales in 2005, according to the U.S.
Worksite Sales Study. Term life sales alone accounted for
almost 15 percent of all voluntary sales, out selling UL/WL by
a margin of almost two to one.
But there are many plans out there, so competition is fierce.
Carriers must stay abreast of the offerings in the market (including
product features and underwriting) in order to maintain a competitive
advantage.
The Voluntary Term Life Products Spotlight Report (2006)
is designed to help carriers better understand the competitive
landscape around the term plans sold at the worksite. The report
includes data on the current voluntary term environment from
the perspective of 19 different carriers active in the market.
Both group and individual platform plans are covered. For each
company, we report (as it relates to term):
- Product features, including product type, minimum/maximum
face amount, available riders, etc.
- Underwriting guidelines/eligibility parameters
- Pricing
- Commissions
Order Info: The
report is available for purchase for just $2,000. To order your
copy, simply email us at info@eastbridge.com or
call (860) 676-9633. Published 2006.
Table of Contents
1. Executive Summary
A. Report Objectives
B. Methodology
C. Key Findings
D. Recommendations
2.
Market Overview and General Carrier Information
A. Annual
Voluntary Term Life Sales Premiums
1. Worksite
Sales
2. Top Carriers
B. Brief
Summary of Providers Profiled
1. Aetna
2. American United Life
3. Assurant Employee Benefits
4. Assurity
5. Boston Mutual
6. CIGNA
7. Colonial Supplemental Insurance
8. Guardian
9. ING
10. KMG America
11. Mutual of Omaha
12. Pan American
13. Principal
14. Reliance Standard
15. Transamerica
16. Trustmark
17. Uniq
18. UnumProvident
19. USAble
20. Major Competitors
3. Product Details
A. Product Type
B. Product Features
1. Minimum and Maximum Face
Amounts
2. Benefit Type
3. Available Riders
4. Benefit Reduction/Termination
5. Portability
6. Conversion
7. Exclusions
8. Family Medical Leave Act (FMLA) Provision
9. Unique Features
or Benefits
C. Underwriting
1. Account Level Underwriting
2. Employee Eligibility
Guidelines
3. Issue Age Guidelines
4. Guaranteed Issue Guidelines
5. Simplified Issue
Guidelines
6. Simplified Issue—Health Questions
7. Smoking
Question
8. AIDS/HIV Question
9. Underwriting Differences
by Product Type
D. Commissions
E. Costs
1. Premium Structure
2. Rate Comparison
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