Non-medical benefits saw record growth in Q3 2021. Patrick Leary of LIMRA says employers recognize the need to offer a robust benefits package in a very competitive job market. The survey indicates that non-medical benefit sales should rise at least 20% over the next five years. Voluntary/employee paid sales are leading growth in life and disability sectors.
Life Insurance
Voluntary/employee-paid life products got a major boost with 60% of carriers reporting sales growth this year. Voluntary workplace life insurance premium jumped an impressive 50% in Q3.
New premium for total workplace life insurance was up 29% in Q3 and 7% year-to-date. “Our research finds that Covid-19 has raised workers’ awareness about…life insurance. In a recent survey, half of workers said workplace life insurance was more important to them due to the pandemic. This increased employee awareness, coupled with a tight job market, should continue to propel life insurance sales over the next several years,” he adds.
Disability
New premium for total workplace disability insurance grew 11% in Q3 and 5% YTD. Voluntary/employee paid products drove the majority of the growth. In the first nine months of 2021, premium rose 4% for long-term disability and 6% for short-term disability.
Supplemental Health
Total workplace supplemental health insurance grew 16% in Q3 and 4% YTD.
CoPower makes it easy to offer popular ancillary benefits on a single platform with one bill and one point of contact. Mix-and-match from a comprehensive product portfolio or grab one of our pre-made bundles from the nation's top carriers.
Contact us to take advantage of this historic opportunity to increase your sales and bring more value to your clients.
Rodney Mattos
CoPower Regional Sales Manager
rmattos@copower.com
916.261.9280
Schedule an Appointment with Rodney
or
Jason Diffenauer
CoPower Sales Account Manager
jdiffenauer@copower.com
650.931.1731
Schedule a meeting with Jason