Voluntary worksite purchases of
insurance by American workers edged ahead in 2009, rising 3.3%
compared with 2008 to $5.4bn, reports worksite insurance research
firm Eastbridge. The increase came against the background of a 15%
fall in individual life insurance sales in 2009 as reported by
research and consulting organisation LIMRA.
Indicating workers’ increased
realisation of the need to protect income, growth in workplace
sales was led by critical illness insurance which jumped by 87.9%.
Long-term care came in second with an increase of 66.8%. Accidental
death and dismemberment insurance and term life insurance also
fared well, increasing by 26.9% and 20.9% respectively.
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Eastbridge found that takeover
sales (where one carrier’s plan is replaced with a similar plan
issued by a different insurance carrier) accounted for about 38% of
new voluntary sales premium reported in 2009, up from almost 29% in
2008.
