Life insurance sales dominated the voluntary market share last year, according to new findings from Eastbridge Consulting Group.
Voluntary life sales accounted for 24 percent of all voluntary sales in 2009, and new life sales were $1.3 billion for the year, up about 14 percent over 2008, according to Eastbridge's U.S. Worksite Sales Report.
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.
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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.
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