Carriers have seen a shift in market focus from universal to whole life products, according to Eastbridge’s latest report
January 16, 2019 by Eastbridge Consulting, Inc.
AVON, Conn., Jan. 15, 2019 (GLOBE NEWSWIRE) — Primarily driven by interest rate uncertainty, carriers have seen a shift in market focus over the past few years, from universal life to whole life products, and expect this trend to continue. Year over year sales data from 2016 to 2017 supports this finding with primarily increases reported for whole life products and an even number of increases and decreases for universal life products. According to Eastbridge’s U.S. Voluntary/Worksite Sales Report, total UL/WL sales were $510.3 million and accounted for 6.3 percent of all voluntary sales in 2017.
The purpose of the Voluntary Whole and Universal Life Products Spotlight™ Report is to help carriers better understand the universal and whole life voluntary/worksite marketplace by providing specific information regarding product features and benefits, underwriting, pricing and cash values, commissions, product challenges and future trends. Following are a few key findings from the report:
- Group permanent life products are now as common as individual products.
- Guaranteed issue (GI) underwriting for employees is the norm, and a few carriers offer spouse GI as well.
- Self-service enrollments are allowed by most carriers, but many mentioned unique enrollment challenges.
The report is currently available for purchase for $3,000. For additional information or to purchase the report, e-mail info@eastbridge.com or call (860) 676-9633.
Eastbridge Consulting Group, Inc. is a marketing advisory firm serving insurance and financial services organizations in the United States and Canada.
FOR FURTHER INFORMATION, CONTACT:
Ginger Bates (803) 782-0560
