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May 23, 2019 at 05:50 PM
Falling stock prices, or competition from richer employer-paid benefits, may have pinched sales of some types of voluntary insurance products in the fourth quarter of 2018.
New annualized premium revenue from sales of voluntary insurance products increased 3% in 2018, to $7.2 billion, according to new survey data from LIMRA.
For all of 2018, sales of nine of the 13 voluntary products LIMRA tracks held steady or increased. Sales of the worst-performing products, voluntary term life and voluntary dental, fell just 3%.
For the fourth quarter of 2018, LIMRA has posted sales data for 11 products. Sales of six of those 11 products were lower than in the fourth quarter of 2017. Some of decreases were substantial.
(Related: Amalgamated Life Adds Voluntary Group Term Life)
Sales of the best-performing product, voluntary accidental death and dismemberment insurance, were 298% higher in the fourth quarter of 2018 than in the fourth quarter of 2017.
Sales of the product that ranked second, voluntary whole life, increased 12%.
But sales of three types of voluntary products fell 10% or more.
