Windsor, Connecticut, May 1, 2024 — The annualized premium for workplace life insurance, disability insurance, and supplemental health products marked substantial gains for the year according to LIMRA’s workplace benefit sales surveys. Patrick Leary, corporate vice president and director of LIMRA’s workplace benefits research program, said, At least 62% of employees are more inclined to stay with their current employers because of these benefits.

For the year-end quarter of 2023, new workplace life insurance premium was $857 million, which is an 8% increase year over year. For the entire year, U.S. workplace life insurance reached $4.2 billion in new premium, marking a 6% increase over the previous year. Comprehensive studies indicated that 2 out of 3 insurance carriers posted increases in 2023.

Interestingly, term life sales were up by 7%, while permanent products displayed a growth of 3%. On the other hand, workplace supplementary health product sales were $704 million in a new premium, showing a 1% quarterly decrease year over year.

Additionally, U.S. workplace disability insurance new premium reached a total of $4.2 billion in 2023, showing a year-over-year increase of 8%. However, total workplace disability insurance new premium sales faced a year-over-year quarterly decrease of 6% in the fourth quarter of 2023.

For more detail on LIMRA’s workplace benefits sales surveys, visit LIMRA’s Fact Tank and select Q4 2023. The surveys cover at least 90% of their respective annualized premium markets for life insurance, disability insurance, and supplemental health sectors.

People who are on insurance benefits like disability insurance often inquire about how to contact SDI. There can be several concerns entailing policy, claims, or general queries that necessitate direct communication with customer support. Typically, the State Disability Insurance or SDI provides contact information on their website. For more support and guidance about communication with EDD and SDI, there is a dedicated platform, eddcaller.com, that offers step-by-step procedures to help individuals get through to EDD support smoothly.