Whole life sales overtake universal life sales in voluntary market
AVON, Conn., July 16, 2025 -- Voluntary benefit carriers are significantly more likely to offer whole life products than universal life products, according to Eastbridge Consulting Group's new "Voluntary Whole and Universal Life Products" Spotlight™ report. The report shows the majority (80%) of carriers surveyed offer whole life, while less than half offer universal life. Whole life sales reached $465 million in 2024, compared to $368 million for universal life.
"Another interesting trend in permanent life insurance is the growth of benefits for a chronic illness," said Danielle Lehman, Eastbridge senior consultant. "More plans in this study offer chronic illness benefits than long-term care benefits, usually on an optional basis employers can choose to include."
Eastbridge's "Voluntary Whole and Universal Life Products" Spotlight™ report uses data collected in March and April 2025 from 15 voluntary carriers representing 16 permanent life plans. Topics covered include product features and benefits, underwriting guidelines, face amounts and guaranteed cash value examples, commissions, technology platforms, product challenges and future trends. Carriers can use this information to evaluate their own universal and whole life products and their approach to the market to determine the competitiveness of their current offering.
Other key findings in the report include:
- More carriers now offer permanent life products on a group platform than on an individual platform. Fewer regulatory requirements and more flexibility in plan design and underwriting are two of the main reasons carriers lean toward group products.
- The most common optional benefits carriers offer with whole and universal life products include accelerated benefits for a terminal illness, waiver of premium and accidental death coverage.
- Maximum guaranteed issue amounts for permanent life coverage continue to increase, ranging from $15,000 to $475,000.
Information about purchasing the "Voluntary Whole and Universal Life Products" Spotlight™ report is available on Eastbridge's website. For more information contact Eastbridge at info@eastbridge.com.
About Eastbridge Consulting Group
Eastbridge Consulting Group, part of NMG Consulting, specializes in research, consulting and insights for companies in the voluntary/worksite benefits market in the United States and Canada. Follow Eastbridge on LinkedIn at https://www.linkedin.com/company/eastbridge-consulting-group. NMG is a consulting firm providing strategic insights and analytics across insurance, wealth management and asset management. It operates internationally offering expertise in business strategy, performance benchmarking and distribution strategies.
CONTACT: Ginger Bates
EMAIL: gbates@eastbridge.com
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