Workplace benefits sales, including life insurance, disability insurance and supplemental health products, increased for the fourth consecutive year, according to LIMRA’s surveys in 2024. In a bid to attract and retain talent in a competitive job market, employers are leveraging their workplace benefits programs. According to Patrick Leary, head of LIMRA’s workplace benefits research, over 60% of employees are more likely to stay with their current employer due to the benefits package. The increase in sales was widespread, with 70% of carriers reporting gains compared to the previous year.

The details for the various product categories show that new premiums for workplace life insurance rose for the fifth quarter in a row, reaching over $925 million in the fourth quarter, an increase of 10% from the prior year. Despite a 1% decrease in the number of employer groups sold, there was a 9% increase in participants in the fourth quarter. Sales of term products, which make up over 80% of workplace life insurance sales, increased by 13%.

New premiums for total workplace disability insurance in the fourth quarter equaled $1.1 billion, a 12% increase from the fourth quarter of 2023. There was a 6% increase in short-term disability premium and a 20% increase in long-term disability premium in the fourth quarter.

For U.S. workplace supplemental health product sales, which include critical illness, accident, cancer, hospital indemnity, and other supplemental health insurance products, there was a minor dip in the fourth quarter. However, strong performance throughout the first three quarters of the year kept overall sales positive.

These detailed findings from LIMRA’s workplace benefits sales surveys provide valuable insights towards understanding market dynamics, trends, and behaviors.

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