Voluntary sales increased again in 2013, reaching $6.644 billion, up from $6.03 billion in 2012, according to new data released by Eastbridge Consulting Group.
Eastbridge president Gil Lowerre said they are “very pleased” with the findings, adding that “over $6.6 billion in new sales is an outstanding achievement.”
Determining the actual percentage increase, however, was difficult, Eastbridge said, due to several new companies and other companies changing the way they report voluntary sales. That being said, they estimated the annual industry sales increase at about 4.3 percent.
The average increase for the top 15 carriers was 8 percent.
The data comes from Eastbridge’s annual U.S. Worksite/Voluntary Sales Report, which analyzes data from more than 60 carriers.
Inforce premium increased about 4 percent in 2013, the report found. The total inforce number for voluntary is now estimated between $27 billion (Eastbridge’s low estimate) to $35 billion (the high estimate).
Last month, LIMRA data found voluntary benefits grew 9 percent in 2013, totaling $4.3 billion.
Benefits experts have anticipated and witnessed sales growth in the voluntary market in the last couple years, driven especially by the Patient Protection and Affordable Care Act.
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