This annual industry benchmark survey covers group term life and accidental death and dismemberment in-force and new sales results for the U.S. market, representing combined employer-paid and employee-paid business. This year’s report includes results from 25 companies for group term life and 21 for accidental death and dismemberment. Among the highlights of the survey:

Participants reported $33.2 billion in total group term life in-force premiums, a 5% increase compared to 2023 results.
Participants reported a 12% increase in new group term life sales premiums. New sales premiums totaled $3.2 billion in 2024.
The average face amount for new sales was $131,355 in 2024, while the in-force average face amount was $104,899.
The average premium-per-case grew 11% for new sales and 4% for in-force business.
Compared to 2023, group accidental death and dismemberment new sales and in-force premiums both grew 3%.
Overall, 80% of companies reported positive group term life in-force premium growth, and 76% reported positive accidental death and dismemberment in-force premium growth in 2024,
Participating companies reported $3.5 billion in combined group term life and accidental death and dismemberment sales premiums in 2024, with group term life accounting for 93% of the total.
Group term life new sales premiums were up 12% in 2024. These results can be attributed to five carriers which reported premium growth rates of 20% or more in 2024.
The top 10 companies held 83% of the market share for new sales premiums, contributing approximately $2.7 billion of total 2024 sales.
Both group term life new sales and in-force case counts increased by 1% in 2024. Case count growth has remained positive since 2020.
For companies providing sales case-size breakdown information for the two-year period, the 10-to-99 category continues to account for the highest percentage of cases (55%), followed by the one-to-nine grouping (26%). Results were similar for in-force (52% and 27%, respectively). Less than 1% fell in the 5,000-plus range for both sales and in-force.
After seeing moderate growth in 2023, new sales lives declined 6 percent in 2024, and in-force sales lives remained flat year over year.
Average face amounts for new sales declined 3% in 2023, while n-force average face amounts grew by 4%.
Monthly premium rates were up for both new sales and in-force business.

Instant Insights /

Group term life, accidental death premiums continue pattern of positive growth rates

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