The year ended well for workplace benefits sales, particularly life insurance, which recorded double-digit growth in the fourth quarter and the year, according to a LIMRA survey.
Patrick Leary of LIMRA says that, “Insurance benefits remain a high priority for employees. New annualized premium for workplace life insurance, disability insurance and supplemental health products rose in 2021."
Life Insurance
In the fourth quarter, new premium for total workplace life insurance was up 32% from fourth quarter 2020. This marks the second quarter of double-digit growth for workplace life insurance sales year-to-date.
Voluntary life sales drove a significant increase in premium growth for life insurance. Voluntary workplace life insurance premium jumped 60% in the fourth quarter.
Leary says, “COVID-19 increased worker awareness about the importance of having life insurance. We expect this increased awareness, coupled with a tight job market, to continue to propel life insurance sales over the next several years.”
Disability Insurance
In 2021, total workplace disability was up 1% from the same period last year. Voluntary products drove the majority of the growth in 2021. Voluntary disability premium jumped 10% while group disability (employer-paid) premium fell 2%. For the year, voluntary long-term disability premium rose 20%, and short-term disability premium rose 5%, compared to the prior year.
Contact us today to find out how to get your foot in the door with employers that are looking for these benefits.
Jason Diffenauer
CoPower Sales Account Manager
Email: jdiffenauer@copower.com
Phone: 650.931.1731
Schedule a meeting with Jason