Ben-Admin Technology Continues to Drive Voluntary Sales

The voluntary benefits Industry continues to grow year over year. Part of this trend is due to the increasing prevalence of benefits technology.

Interesting growth trends for the voluntary benefits industry are as follows:

  • New business premium increased at a rate of 4.5% in 2018
  • Total sales for the year (2018) were $8.5 billion
  • The top 15 companies accounted for 77% of total voluntary/worksite sales
  • Term life was again the top-selling line of business followed by dental, accident, short-term disability and critical illness
  • Term life accounted for 75% of total voluntary premium
  • STD and LTD sales were up by 6% from last year
  • Voluntary accident sales increased 7% last year and 12% the previous year
  • Critical illness sales increased 12 % last year and 21% the previous year
  • Cancer increased 1% last year – and the trend is towards combining cancer within the Critical Illness policies
  • Hospital indemnity, gap and supplemental medical products sales were down 1% from last year