Realizing the Untapped Potential of the Group Whole Life Market
Many brokers in the employee benefits market often overlook the untapped potential of the middle-income market for life insurance sales. Ownership of life insurance in the lower and middle-income categories declined by 25% over the past 10 years.1 Now is the perfect time to bring valuable and much needed voluntary benefits to your clients and their employees.
Understanding the Market:
- 51% of American adults lived in middle-income households2
- 71% of Americans need financial planning improvement3
- 46% of consumers do not own life insurance4
- 60% of employees would be more inclined to stay with a company that offered financial wellness solutions5
Group Whole Life Key Benefits:
- Smaller face amounts for middle-income workers; no minimum monthly certificate premium
- Annual guarantee issue maximum every year
- Ease of building on any enrollment or benefit/administration platform
The demand and opportunity to offer more financial health options for employees is paramount and realizing the untapped potential of this market is undeniable. With the human capital landscape changing daily, tapping into new market potential is essential for brokers looking to grow their revenue.