Voluntary benefits grew 9 percent in 2013, totaling $4.3 billion, according to new LIMRA data.
Voluntary health product sales were $2.6 billion in 2013, a 13 percent increase from last year. Accident, critical illness and vision products grew by double-digits for the third straight year to drive overall growth in the voluntary health market. Term and whole life insurance sales were down most of the year, but rebounded significantly in the fourth quarter, ending the year up 2 percent at $1.4 billion.
In a blog post, LIMRA executives said with changes to benefits plans, especially with the Patient Protection and Affordable Care Act, voluntary benefits are “the best option for employees to maintain their overall insurance coverage.”