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WINDSOR, Conn., May 1, 2024 — New annualized premium for workplace life insurance, disability insurance and supplemental health products posted solid gains for the year, according to LIMRA’s workplace benefits sales surveys.

WPB-2023-sidebar.png“Offering an attractive benefits package can contribute directly to employers’ recruitment and retention goals, since high-quality benefits encourage employee loyalty. According to LIMRA research, 62% of employees say they are at least slightly more inclined to stay with their current employers because of their benefits, while 39% are much more inclined to stay,” said Patrick Leary, corporate vice president and director of LIMRA’s workplace benefits research program.

Life Insurance
In the fourth quarter 2023, total workplace life insurance new premium was $857 million, a year-over-year quarterly increase of 8%. For the year, U.S. workplace life insurance new premium totaled $4.2 billion, a 6% increase over the prior year.

“Overall, nearly 2 in 3 of the carriers posted increases in 2023. The top 10 companies grew by just 2% in 2023, while the other 31 companies were collectively 14% higher,” Leary noted.

Term life sales (which account for 82% of premium) were up 7%, while permanent products increased by 3%.

Supplemental Health Insurance
In the fourth quarter, U.S. workplace supplemental health product sales ― accident, critical illness, cancer, hospital indemnity, and other supplemental health insurance products* ― totaled $704 million in new premium, a 1% quarterly decrease year over year. In 2023, workplace supplemental health insurance product sales were just over $3 billion in new premium, up 5% from 2022 results.

The 2023 sales growth was driven by strong results in the first nine months of 2023, when quarterly supplemental health premium sales grew 7%, 5%, and 6%, respectively.

“In 2023, 89% of all new premium came from the sale of accident, critical illness, and hospital indemnity insurance. Group workplace and individual worksite sales accounted for 74% and 26% of all new premium, respectively. The vast majority of supplemental health sales are voluntary/worksite,” Leary said.

Disability Insurance
Overall, U.S. workplace disability new premium totaled $4.2 billion in 2023, a year-over-year increase of 8%. Total workplace disability insurance new premium sales were $968 million in the fourth quarter 2023, a year-over-year quarterly decrease of 6%.

“The decline in quarterly sales was driven in large part by a significant decline in short-term disability premiums, which were down 9%. However, the increase in year-over-year premiums was due to the strong performance of short-term disability sales through the first nine months of the year,” Leary said. Long-term disability sales were essentially flat.

LIMRA’s workplace benefits sales surveys for life insurance, disability insurance and supplemental health represent at least 90% of their respective annualized premium markets.

You can find the latest data table with U.S. workplace sales trends in LIMRA’s Fact Tank (choose Q4 2023 from the drop-down menu).


*“Other supplemental health products” represents products that do not fit the other categories, such as gap insurance, minimum essential coverage plans, limited benefit medical, and heart/stroke products.

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 financial services member organizations navigate change with confidence. Visit LIMRA at

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