Employers have also voiced interest in permanent life offerings. According to Eastbridge's Employer Viewpoint study, employers surveyed said life insurance (some UL/WL) is one of the benefits most likely to be added to their offerings in the next 18 months and also one of the benefits most likely to be moved to voluntary.

Brokers who sell permanent life plans today find they provide an excellent complement to an employer's term life offerings, filling the longer-duration life insurance need. Today, whole life plans are becoming more popular than universal life, primarily due to interest rate uncertainty. Plans are generally guaranteed issue with simplified underwriting options available and can extend coverage to spouses and children. Riders that cover long-term care/chronic illness are also becoming more common and are positioned as a way around the “use it or lose it” limitation of traditional LTC insurance. Savvy brokers have a solid command of enrollment dynamics of this complex product and can guide employers on the best possible enrollment and education conditions to achieve good participation.

As carrier investment and employer interest in permanent life plans continue to grow, brokers who are comfortable with product nuances and who actively position these plans to their employer clients may win more business. These products allow employers to offer additional life insurance coverage to more fully meet employee needs, and the best plans allow employees to enroll with minimal underwriting requirements and offer flexible coverage that can be used in case an LTC event arises or, ultimately, as a life insurance benefit.