News

The Voluntary Market Continues to Grow : 8 Facts

Tuesday, October 28, 2014

Eastbridge Consulting Group released data from it's annual Voluntary Sales Report.  Here are some of their findings.

  • In 2013 Voluntary Sales increased to $6.6 billion, up from $6 billion in 2012
  • Benefit Brokers contributed $3.8 billion in sales in 2013
  • Employers with 2500+ employees accounted for 36% of total sales, 1000-2500 employees accounted for 13%, 500-999 employees accounted for 11%, and 100-499 employees accounted for 17%
  • Life Insurance accounted for 28% ( 76% of total Life Insurance was attributed to Term)
  • Disability accounted for 21%, Dental( 13%), Accident(12%), Hospital Indemnity/ Supplemental Medical(8%)
  • Takeover Sales account for 50% of new sales premium
  • Texas and Flordia lead the country in sales
  • 71 Million employees don't have any voluntary products and 43 million own just one product