Unless you've been underwater holding your breath for the past several months, you know by now the voluntary benefits industry made a big splash last year. The industry woke from its pandemic-induced slumber to produce an overall growth rate of 11.3% and $8.307 billion in sales.

The "basics" — voluntary life and disability insurance — led the way, according to Eastbridge's annual U.S. Voluntary/Worksite Sales Report. Life sales were up 25%, riding the wave of a 58% surge in universal life and whole life. Term life sales grew at a less eye-popping rate, but at 15% still exceeded the industry average. Term life also continues to represent the highest share of the voluntary market overall at 22.3%, with double the sales in 2021 of any other voluntary product except dental.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.