September 18, 2008 at 11:18 AM
About 80% of voluntary benefit carriers plan to introduce at least 1 worksite product over the next year or so.
About 30% of the carriers expect to introduce more products over the next year than they usually do, according to researchers at Eastbridge Consulting Group Inc., Avon, Conn.
Another 49% expect to introduce about the same number of new products, and 22% expect to introduce no new voluntary products, Eastbridge researchers report.
Term life products may be the most common new employee-paid group products, and critical illness products may be the most common new employee-paid individual products, the researchers predict.
For both group and individual lines, universal life-whole life products ranked third in terms of new-product development activity, followed by cancer plans and vision products.
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