What You Need to Know
- Accident insurance benefits sales increased in the fourth quarter.
- Critical illness insurance benefits performed well.
- The number of workers with new short-term disability benefits fell.
Your clients might be much more likely this month to come to you with employment-related life insurance.
The number of people with new work-related term life benefits increased 14% between the fourth quarter of 2020 and the fourth quarter of 2021.
The number with work-related permanent life insurance benefits — products such as universal life insurance and whole life insurance — soared 111%.
LIMRA has told the story in a new batch of workplace benefits sales survey results for the fourth quarter of 2021.
What It Means
For an insurance, retirement or general financial advisor, a client’s collection of work-related benefits can be a mystery, a source of comfort or a place to look for easy savings.
An advisor might have to struggle to get a client to find, and bring in, the paper bag full of papers explaining just what the client bought at the office, or to help the client recover the password that leads to the email account that can help the employee break into the employee portal, to see just what the employee bought.
In a crisis, the right benefits could save a client’s way of life.