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%.
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.