There has been much interest in voluntary benefits and much speculation about how health care reform will change the way brokers approach the benefits market. But what's really happened? Have any of the suggested changes been implemented? Eastbridge Consulting Group and Benefits Selling got together to find some answers to these questions by asking the brokers themselves.
One finding was particularly obvious—the majority of brokers now sell voluntary, at least occasionally. Just 11 percent of the survey respondents don't sell voluntary at all and more than 60 percent of those who don't sell it already fully expect to do so in the near future.
Top Voluntary Products Sold
| Product | Benefit Brokers |
| Short-term disability | 60% |
| Term life insurance | 54% |
| Dental insurance | 45% |
| Critical illness insurance | 38% |
| Accident insurance (personal injury not AD&D) | 36% |
| Vision insurance (without medical) | 33% |
| Cancer insurance | 25% |
| Long-term disability insurance | 21% |
It's clear from the responses that health care reform has influenced broker behavior. About half (53 percent) said they already sell more voluntary today because of reform, with 15 percent saying they're selling significantly more. In addition to those already selling more, another 32 percent expect voluntary to account for a larger portion of their sales in the future.
The changes in the voluntary products sold most often by benefit brokers were more subtle. As seen in past surveys, brokers most often sell voluntary versions of the traditional group products—dental, term life and short-term disability. But some very interesting additions show up on the list. Critical illness and accident (personal injury accident, not AD&D) are both sold more now by benefit brokers than ever before. We know from conversations with brokers and carriers that both products remain well-positioned to help employees cover out-of-pocket expenses due to higher deductibles and co-pays on their health plans.
The following chart shows the other products listed as a top voluntary product by 20 percent or more of brokers.
Brokers also are looking to enhance their product portfolio with other “non-traditional” voluntary benefits. Wellness programs are the most popular benefit but discount health plans, legal plans and ID theft coverage also are gaining more traction.
Non-Traditional Products Sold
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