{"id":2486,"date":"2022-02-02T19:40:00","date_gmt":"2022-02-02T19:40:00","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=2486"},"modified":"2023-07-31T12:47:26","modified_gmt":"2023-07-31T16:47:26","slug":"demand-for-voluntary-benefits-continues-to-grow","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/demand-for-voluntary-benefits-continues-to-grow\/","title":{"rendered":"Demand for Voluntary Benefits Continues to Grow"},"content":{"rendered":"

Voluntary benefits, also known as workplace benefits, are in high demand both from employers and employees. The latest sales data confirms this. <\/h2>\n
\"Colleagues<\/figure>\n

According to LIMRA\u2019s workplace benefits sales survey, sales of voluntary benefits grew substantially in 2021 after a sluggish performance in 2020. For their part, employers have come to fully recognize the importance of these benefits in keeping their current employees satisfied and for attracting new staff members. In fact, many prospective candidates will weigh heavily in their decision regarding a future employer whether or not the company offers voluntary benefits.<\/p>\n

Life Insurance and Disability Insurance Lead in Sales Growth<\/h3>\n

LIMRA\u2019s workplace benefit research showed certain products performing better than others; specifically, life insurance and disability insurance. Life insurance sales had the largest gains with total workplace life insurance new premiums reaching $646 million in the third quarter of 2021; a 29% increase over the same period in 2020. Workplace disability insurance premium was $515 million in the third quarter of 2021; an 11% increase over 2020 figures. The research indicates that employee-paid voluntary products were responsible for the sales increases with voluntary disability premium, for example, increasing 12% over the first three quarters of 2021 versus employer-paid premium increasing just 1%.<\/p>\n

What Employees Want in Voluntary Benefits<\/h3>\n

Corestream\u2019s 2021 State of Voluntary Benefits <\/em>survey results found an increasing employee demand for voluntary benefits. Among those benefits which grew in demand were those associated with mental health and financial well-being, a likely outgrowth of concerns stemming from the pandemic. The Corestream survey canvassed an independent third-party panel comprised of 215 employees and 207 human resources (HR) professionals from across the nation in companies of at least 5,000 people. The 2021 survey found that:<\/p>\n