Unless you've been underwater holding your breath for the past several months, you know by now the voluntary benefits industry made a big splash last year. The industry woke from its pandemic-induced slumber to produce an overall growth rate of 11.3% and $8.307 billion in sales.
The "basics" — voluntary life and disability insurance — led the way, according to Eastbridge's annual U.S. Voluntary/Worksite Sales Report. Life sales were up 25%, riding the wave of a 58% surge in universal life and whole life. Term life sales grew at a less eye-popping rate, but at 15% still exceeded the industry average. Term life also continues to represent the highest share of the voluntary market overall at 22.3%, with double the sales in 2021 of any other voluntary product except dental.
Related: Voluntary benefits and gas prices
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