Insurance carriers in the voluntary benefit market identified critical illness and disability insurance and limited-benefit medical plans as their top 3 growth products for 2006.
Eastbridge Consulting Group Inc. says its biennial study of the workplace market found a dramatic change from 2004, when its survey found close to 60% of carriers listed universal life as their top growth products in the workplace market.
But the change actually reflects a comeback for CI insurance, which Eastbridge listed as the top product in its 2002 survey.
In 2006, just 11% of carriers named UL insurance as a top growth product in the voluntary benefits market.
“In addition to the decrease in those selecting universal life, significantly fewer companies also chose term life as a growth product,” according to Bonnie Brazzell, vice president of Eastbridge. Term sales fell to 16% from 29% in 2004, she said.