New Eastbridge report examines best practices and trends in voluntary term life insurance

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Mar 01, 2023, 08:00 ET

Research shows carriers enhancing coverage to be more competitive

AVON, Conn., March 1, 2023 /PRNewswire/ -- Voluntary carriers are adding more features and flexibility to their term life insurance plans to stay competitive in a crowded market, according Eastbridge Consulting Group's newest research.

Eastbridge's "Voluntary Term Life Products" Spotlight™ Report shows term life continues to dominate the voluntary market, accounting for more than 20% of sales for the past eight years and reaching record highs following the pandemic.

"Term life insurance is a highly competitive product, so many voluntary carriers are looking for ways to make their plans stand apart," said Danielle Lehman, Eastbridge senior consultant. "Many carriers are enhancing their plans with higher-guaranteed issue amounts, more flexible enrollment options and value-added services."

The "Voluntary Term Life Products" Spotlight™ Report compiles survey responses from 23 voluntary/worksite term life carriers and secondary sources to examine the current practices, trends, challenges and opportunities for selling voluntary term life insurance.

Other key findings in the report include:

Sales for "buy-up" plans that allow employees to increase the value of existing employer-provided life insurance far outpaces sales of stand-alone term life coverage for most carriers.
Voluntary term life coverage is universally portable, and most plans allow employees to convert term coverage to a permanent policy.
Funeral planning, employees assistance programs and beneficiary services such as grief counseling are among the value-added services many carriers now include in their term life plans.

Information about purchasing the "Voluntary Term Life Products" Spotlight™ Report is available on Eastbridge's website. Those interested can email [email protected] or call (860) 676-9633.

About Eastbridge Consulting Group

Eastbridge Consulting Group, Inc. is a marketing advisory firm serving companies focused on the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group.

CONTACT: Ginger Bates
EMAIL: [email protected]

SOURCE Eastbridge Consulting Group