Annual Eastbridge Study Finds Life Insurance Leading Voluntary Sales for 2009

Voluntary life sales accounted for 24 percent of all voluntary sales in 2009, according to Eastbridge's annual U.S. Worksite Sales Report. This gave life insurance the top market share for the year. Total voluntary sales were $5.397 for 2009, up 3.3 percent over 2008 (see also Eastbridge Consulting Group, Inc.).

New life sales were $1.3 billion for the year, up about 14 percent over 2008. Term life generated the most sales premium in 2009 with over $940 million, up almost 21 percent over 2008. Universal life and whole life sales were basically flat with $371 million.

Disability products accounted for the next largest share of voluntary sales, coming in at 20 percent of the total. Sales for disability products were actually down in 2009 as compared to 2008. Total voluntary disability sales were just under $1.1 billion, down six percent.

Accident sales accounted for 13 percent of total voluntary sales as did the hospital indemnity/supplemental medical line. These lines were followed by cancer and critical illness with a combined market share of 12 percent.

The U.S. Worksite Sales Report is an annual report conducted by Eastbridge for the past eleven years. The most recent report includes detailed data on the performance of 60 worksite marketing carriers, both group and individual, and represents the largest number of carriers included in any sales report for the industry. The report is only available to participants. For more information about participating next year, contact Eastbridge at [email protected] or call (860) 676-9633. Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.