Total voluntary/worksite sales in 2020 for all product lines totaled $7.463 billion, according to Eastbridge’s annual U.S. Voluntary/Worksite Sales Report. This represented a decrease of 15.5% compared to 2019.
While all product line sales were down in 2020, life insurance continued to account for the largest percentage of sales—29% of all voluntary sales. Term life sales were down 12% compared to 2019, totaling just over $1.6 billion. UL/WL sales were down 14% this year, totaling $507 million.
Hospital indemnity/supplemental medical and critical illness posted the most modest decreases amongst the top selling voluntary products at -6% and -7% respectively. Hospital indemnity/supplemental medical sales totaled $716 million while critical illness sales totaled $789 million. Accident sales declined by 23% compared to 2019, totaling $906 million, and cancer sales declined by 37% compared to 2019, totaling $215 million.
Total disability sales declined by 20% compared to 2019 and totaled $1.3 billion. Short- term disability sales declined by 23% compared to 2019 and long-term disability sales declined by 13%.
The annual U.S. Voluntary/Worksite Sales Report estimates sales for the entire voluntary industry, with detailed data on the performance of 69 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 us at [email protected]. All participants receive a free copy of the complete findings, including company-specific results.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada.