Voluntary benefits grew 9 percent in 2013, totaling $4.3billion, LIMRA data finds.
Voluntary health product sales were $2.6 billion in 2013, a 13percent increase from last year. Accident, critical illness andvision products grew by double-digits for the third straight yearto drive overall growth in the voluntary health market. Term andwhole life insurance sales were down most of the year, butrebounded significantly in the fourth quarter, ending the year up 2percent at $1.4 billion.
In a blog post, LIMRA executives said with changes to benefitsplans, especially with the Patient Protection and Affordable CareAct, voluntary benefits are “the best option for employees tomaintain their overall insurance coverage.”
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