Employees have their eyes set on vision insurance, as sales have increased close to 25% since 2013 and are leading the pack in worksite voluntary sales growth.
In fact, voluntary benefits sales increased 5% in 2014 compared to 2013, marking the fourth straight year of growth for voluntary, according to LIMRAs U.S. Worksite Sales survey.
According to the Society of Human Resource Managements 2014 Employee Benefits Survey, 83% of employers offer vision insurance to employees and five-year trends show an increase in the percentage of organizations offering vision insurance.
Following vision insurance sales is critical illness at 19% and accident insurance at 12%. LIMRA notes each product has grown by 12% or more in the past four years. Life insurance products also noted an increase too, with stand-alone accidental death and dismemberment sales up 11% and universal life sales increasing by 7%.
Voluntary benefits are on a growth trend, in part because they allow employers to enrich their employee benefits portfolio at no direct cost, said Ron Neyer, assistant research director, LIMRA Distribution Research. In a recent LIMRA study 7 in 10 employers who offer voluntary benefits said these options help improve morale for existing employees and assist them in attracting and retaining new talent.
Employers that provide voluntary benefits also admitted an increase emphasis toward employees. More than half of the companies participating in the LIMRA study say they noted growth in the past year. Of that group, 77% employers grew by at least 10%. Carriers are more focused on voluntary benefits offerings because the worksite offers an opportunity to efficiently reach the middle market, Neyer added.
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