You only need two words to describe the voluntary benefits industry's sales last year: "up again." Or, if you prefer, "historic highs."

You may recall voluntary sales grew a solid 5.4% in 2022 — quite respectable as the industry emerged from the lingering effects of the pandemic. But last year topped that with a 6.7% jump, according to Eastbridge Consulting Group's annual "U.S. Voluntary/Worksite Sales Report." That pushed total sales premium to $9.34 billion, the industry's highest level ever. In-force premium also reached historic highs in 2023 by growing almost 5.5% to $53.3 billion.

Benefit brokers and career agents lead the way

Benefit brokers — those who primarily sell core or employer-funded products but also sell voluntary benefits — beat the industry average with 7% sales growth in 2023. These brokers produced total sales of $6.3 billion, or 68% of the total market.

Not to be outdone, career agents and classic worksite brokers both saw sales growth of 11% last year. Career agents, who primarily work for a single company selling its products, account for 13% of the market, while classic worksite brokers who focus on voluntary benefits hold 10%. Worksite specialists — large marketing organizations that focus on voluntary sales — kept their grip on 8% of the market, despite a slight dip of 0.2% in sales.

Get a life (product)

If you're like many brokers, life insurance is the go-to product in your portfolio. Term life sales were up 10% to more than $2 billion in 2023, keeping that coverage firmly in the number-one position with nearly 22% of all voluntary sales. Universal life and whole life sales increased nearly as much at 9%, totaling more than $800 million. Together, all types of life insurance account for 30% of the market.