Voluntary Life Sales Outstrip Traditional Group Life Sales

Insurers increased U.S. sales of voluntary group term life insurance 15% in 2006, to $293 million, while new sales of traditional group term life fell 2%, to $1.7 billion.

Researchers at Gen Re LifeHealth, Stamford, Conn., and JHA, Portland, Maine, have reported those figures in a summary of results from a survey of 32 major players in the U.S. group life market.

Premiums generated by group term life plans already in place increased 5% in 2006, to $16 billion, and voluntary group term life in-force premiums increased 10%, to $1.7 billion, the researchers report.