Voluntary product sales increased by 4.5% between 2010 and 2011, new research reveals.
Eastbridge Consulting Group Inc., Avon, Conn., published this finding in a summary of results from its 2012 annual Worksite/Voluntary Sales Report. The report estimates sales for the entire voluntary industry with detailed data on the performance of more than 60 carriers, both group and individual.
The report reveals that voluntary product sales reached $5.5 billion in 2011, up 4.5% over 2010.
As in recent years, life insurance took the largest share of the line of business sales: Life sales totaled $1.4 billion, up about 1.3% over 2010 and was the third straight year of increases.
As in prior years, term life sales were significantly higher than UL or whole life sales. But the term line actually had a slight decrease (down 2%) while the UL/WL line was up about 8%, says Eastbridge.