Among the top 15 companies in the market, there was a mixture ofresults.
As a group:
2.6% sales decrease for the top 15.
|6 of the top 15 had increases—four haddouble-digit increases.
|6 more of the top 15 had decreases
|3 were flat as compared to 2009.
– Bonnie Brazzell, Eastbridge Consulting Group
5% Decrease in voluntary sales for the numberone carrier (with a 26 percent market share) from 2009 to 2010.
|$154,000,000 estimated drop in voluntary sales,2009 to 2010
|80% of employers say they are interested inusing voluntary worksite benefits because these plans carry nodirect cost to the business.
|2/3 of employers say they offer voluntarybenefits because it is more affordable for their employees than ifthey purchased coverage on their own.
|“Compared with 2002, nearly all products are more readilyavailable today at mid-sized firms (100-999 employees).”
- Ron Neyer, LIMRA
Wasted Youth
Two in three employers believe a major medical plan is lessimportant to employees under age 40.
Less than a quarter of employers believe life insurance is trulyvaluable to younger workers.
|Good news part 1
Overall voluntary benefits penetration improved across the boardduring the recession.
Good news part 2
Differences in sales between national regions have diminished asgreater employer awareness of voluntary worksite programs increasedemployer participation.
Half of employers not offering (but aware of)voluntary benefits are receptive to purchasing voluntaryproducts.
|More than 4 in 10 businesses are consideringadding a new voluntary benefit with the next two years.
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