July 23, 2020 | By Erin Marino and Nick Rockwell | BenefitsPRO
Total voluntary sales for 2019 were $8.832 billion, up 4.5% over 2018 sales.
According to our annual U.S. Voluntary/Worksite Sales Report, new business annualized premium (voluntary sales) increased again last year. Total sales for 2019 were $8.832 billion, up 4.5% over 2018 sales.
The growth rate was slightly higher compared to what we saw in 2018 (4.5% compared to 3.8%).
Takeover business (i.e., business that moves from one voluntary carrier to another with a similar product) continued to show stabilization in 2019. The estimated percentage of sales that were takeovers (on an aggregated basis) was 56.4%, just slightly above 55.7% in 2018. In-force premium increased by 4.4% in 2019 to an estimated $47.1 billion.