Sales of workplace life insurance, disability insurance, and supplemental health products all rose in 2024, marking the fourth consecutive year of growth, according to LIMRA’s 2024 workplace benefits sales surveys. The surveys, which represent at least 90% of their respective annualized premium markets, show that employers are using their workplace benefits programs to compete for talent in a tight job market.
Key Findings
Life Insurance
Workplace life insurance new premium reached a record-high $4.5 billion in 2024, an 8% increase from 2023. The fourth quarter saw total workplace life insurance premium exceed $925 million, a 10% jump from the prior year. While the number of employer groups sold decreased by 1%, participants rose 9% during the same period. New premium for term products, which account for over 80% of workplace life insurance sales, increased 13% year-over-year, while new premium for permanent products fell 1%.
Disability Insurance
Total workplace disability insurance new premium was $4.2 billion in 2024, up 2% year-over-year. The fourth quarter saw $1.1 billion in new premium, a 12% increase from the same period in 2023. Long-term disability premium drove the growth, rising 20% in the fourth quarter and 7% for the full year. The top 10 carriers, accounting for 75% of total new disability insurance premium, posted a 3% gain in 2024.
Supplemental Health Products
U.S. workplace supplemental health product sales dipped slightly in the fourth quarter but remained positive for the year. New premium for these products totaled $3.3 billion in 2024, an 8% increase from the prior year. Three-quarters of supplemental health carriers reported gains in 2024.
Industry Insights
LIMRA’s research indicates that more than 60% of workers are more inclined to stay with their employer due to their benefits package. “Sales growth was widespread with 7 in 10 carriers reporting gains year-over-year,” said Patrick Leary, Corporate Vice President and Head of LIMRA Workplace Benefits Research. The data suggests that employers are leveraging their workplace benefits programs to attract and retain talent in a competitive job market.
About LIMRA
With over 100 years of expertise, LIMRA conducts more than 80 benchmark studies annually, producing nearly 500 reports for its members and the industry. The organization’s workplace benefits sales surveys provide trusted insights into market dynamics, trends, and behaviors. Detailed data on U.S. workplace sales trends for fourth quarter and year-end 2024 is available in LIMRA’s Fact Tank.
