Life insurance accounts for half of inforce voluntary premium News added by Benefits Pro on August 25, 2014

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Joined: September 07, 2011

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By Kathryn Mayer

Life insurance accounted for nearly half of inforce voluntary premiums in 2013, according to Eastbridge Consulting Group.

Term insurance alone accounted for 37 percent of all inforce premium based on the carriers reporting, while universal life/whole life accounted for 10 percent.

Disability — both short-term and long-term — was a distant second at 17 percent of inforce premium, and dental was third at 16 percent.

The findings are the latest information released by the group as part of its annual report on worksite and voluntary sales.

Earlier this year, Eastbridge reported that voluntary sales increased again in 2013, reaching $6.644 billion, up from $6.03 billion in 2012.

“There were a few interesting differences between the mix of sales by product compared to the mix of inforce,” Eastbridge said in its report. “Some of this reflects the typical persistency of the line (e.g.: life persists better than accident).”

Here's a full breakdown:

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