Nearly half of respondents in a recent poll of voluntary benefit carriers said that voluntary accidental death & dismemberment coverage was the best rated.
Exactly 43% of respondents in the Eastbridge Consulting Group poll called it as a “very profitable” product line. Universal life/whole life insurance was ranked second (41%), followed by term life insurance (26%).
“Although these products received the highest percentage rating them as very profitable, most carriers surveyed actually classified their products as having average profitability,” said Bonnie Brazzell, an Eastbridge vice president, in a statement.
Fewer companies ranked any product as ‘very profitable’ this year. “
Gil Lowerre, president at Eastbridge, said fewer carriers chose long-term disability, cancer and hospital coverages, leading them to fall out of the list of very profitable products.
Most frequently rated as “unprofitable” were dental, vision and critical illness insurance, which Lowerre said was “somewhat surprising” since critical illness coverage ranked first in terms of products that would grow the most over the next two or three years.
Dental and critical illness coverage had the highest growth rates in the last year, according to the Lowerre.
