We all know that voluntary products are experiencing a big boom right now. Eastbridge Consulting Group data finds voluntary sales increased again in 2013, reaching $6.644 billion, up from $6.03 billion in 2012.
Breaking down the data further, some products are far outpacing others. Here are the top five voluntary products, by sales, according to Eastbridge data.
The data comes from Eastbridge’s annual U.S. Worksite/Voluntary Sales Report, which analyzes data from more than 60 carriers.
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5. Hospital indemnity/supplemental medical
Percentage of total voluntary sales in 2013: 8 percent
Hospital indemnity/supplemental medical sales saw a decrease in 2013, but they were still strong enough to be the fifth best-selling product. Total sales were about $552 million.
Brokers say the Patient Protection and Affordable Care Act is creating big opportunities for them to sell supplemental plans, not only to help cover increasing deductibles in employer-based and exchange-based plans, but also as a cheaper alternative to both.
Percentage of total voluntary sales in 2013: 12 percent
Though accident sales were down slightly in 2013, they are still a significant contributor to voluntary sales at $775.1 million. Industry insiders agree accident insurance is one voluntary product to watch this year, as it is gaining momentum.