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Although life insurance made modest gains in the third quarter of 2010 when gross written premiums were up 6% from the same period a year earlier, an Aite Group report notes that premiums fell to historic lows in 2009 when the product was considered an unnecessary discretionary purchase.
But with LIMRA research showing only 44% of affluent households own life insurance, Aite noted that this demographic represents a significant sales opportunity.
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Employers are increasingly exploring lifestyle spending accounts as a way to deliver health and wellness flexibility to a workforce demanding it.
At face-value, HSAs are for short-term medical expenses, but advisors suggest paying out of pocket to maximize HSA funds for investing and tax-free growth.
Brokers are urged to read the fine print on stop-loss contracts to ensure adequate coverage is in place, and have clients pool risk whenever necessary.
Unlike traditional life insurance focused solely on death benefits, living benefits provide tangible value throughout the policyholder's life and appeal to younger workers.
Employees look for alternative healthcare coverage in the wake of rising premiums, sparking concern over care gaps and group plan disruption.
