Two recent studies point to a growing market for voluntary benefits. In 2018, new annualized voluntary benefits premium grew 3% from 2017, totaling $7.2 billion. The LIMRA study also finds that 11% more employers offered voluntary benefits in 2018 compared to 2010. Vision and other supplemental health products drove the annual increase in sales of voluntary health products. Anita Potter of LIMRA explains that voluntary benefits allow employees to meet the increasingly diverse needs of employees and their families. With five generations in the workforce, a one-size-fits-all approach is no longer viable, she adds.
Employers’ enthusiasm for voluntary benefits is expected to grow 12 months from now, according to almost 80% of voluntary brokers and almost 70% of benefits brokers. The report by Eastbridge Consulting Group reveals other positive indicators for voluntary growth, such as current employment levels and opportunities to expand coverage to part-time workers.
CoPower offers customizable voluntary benefits from the nation’s top carriers to meet the needs of today’s diverse workforce. With CoPower, you can offer benefits on a single, easy platform.
For a quote or assistance, please contact Rodney Mattos, CoPower Regional Sales Manager: rmattos@copower.com at rmattos@copower.com (916) 261-9280.