Reasons Behind Voluntary Benefits Growth

May 31, 2016

  1. Brian Anderson
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    Brian Anderson Executive Editor

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    LIMRA says overall group employee-funded benefit sales grew by 6% in 2015. Here are some of the reasons they see contributing to the increase:

    • 71% of employers believe voluntary benefits improve worker morale and satisfaction
    • Rising employment figures – private employers have added 14.3 million jobs to their payrolls in the 72 months since February 2010, an average of 198,000 jobs a month
    • Nearly 60% of employees prefer to buy health benefits at work and half prefer to buy life insurance through work
    • Employees like payroll deduction and they trust their employer has done some vetting on the carriers that were selected
    • A long-term trend of employers shifting more benefits costs to employees

    Which of these do you think has the biggest impact on sales growth, or is there another reason?


    Insurance Forums | Voluntary life sales in 2015 lead to 6% overall increase in worksite offerings
     
  2. mudhound
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    mudhound Guru

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    I think people like the payroll deduction.