Increased demand for insurance products driven by raised awareness due to COVID-19 and a tight labor market.
New annualized premium for workplace life insurance, disability insurance and supplemental health products rose in 2021, according to LIMRA’s workplace benefits sales surveys.
“The year ended strong for workplace benefits sales, particularly life insurance, which recorded double-digit growth in the fourth quarter and the year,” said Patrick Leary, corporate vice president and director of LIMRA’s workplace benefits research program. “Insurance benefits remain a high priority for employees. New LIMRA research shows more than a quarter of workers list non-medical insurance benefits as one of the top five factors they consider when evaluating potential employers. As a result, employers have focused on benefits as a critical element of their recruiting and retention strategies. This played out with strong benefit sales in 2021.”