Vision insurance sales increased a whopping 24 percent last yearover 2013, leading the way in worksite voluntary sales growth,according to industry data.
|The info comes from LIMRA's U.S. Worksite Sales survey, which,overall, found that voluntary benefits sales increased 5 percent in2014 compared to 2013. That marks the fourth straight year ofgrowth for voluntary, LIMRA said.
|Following vision insurance, critical illness sales grew 19percent in 2014, while accident insurance grew 12 percent.
|Each of these products has grown by 12 percent or more in thepast four years, LIMRA said. Life insurance products saw increases,too, with stand-alone accidental death and dismemberment (AD&D)sales up 11 percent and universal life sales increasing by 7percent. The only decrease LIMRA reported was long-term disabilitysales, which declined by 5 percent.
|“Voluntary benefits are on a growth trend, in part because theyallow employers to enrich their employee benefits portfolio at nodirect cost,” said Ron Neyer, assistant research director, LIMRAdistribution research. Neyer noted that a recent LIMRA study foundthat seven in 10 employers who offer voluntary benefits said “theseoptions help improve morale for existing employees and assist themin attracting and retaining new talent.”
|The LIMRA data mirrors that from Eastbridge Consulting Group,which found that voluntary sales were up nearly 4 percent in 2014.Eastbridge pegged total voluntary/worksite sales for 2014 at $6.89billion, up from $6.644 billion in 2013.
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