WINDSOR, Conn., Sept. 5, 2013 — Individual life premium
grew 4 percent in the second quarter, resulting in a 6
percent increase for the first half of 2013, according to
LIMRA’s Individual Life Insurance Sales Survey.
Policy count, which had been increasing slightly over the
last two years, continued to decline in the second quarter,
down 2 percent for the quarter and 3 percent for the first
half of the year.
While every product line recorded positive growth in the
second quarter and year-to-date (YTD), indexed
universal life and whole life products were the biggest
drivers of overall growth in the first half of 2013,” said
Ashley Durham, senior analyst, LIMRA Insurance
Research. “Both products are well-matched for a low- interest and uncertain economic climate, offering the
principle protection and growth opportunity that
consumers are seeking.”
Total universal life (UL) premium rose 1 percent —
hampered by a 14 percent drop in lifetime guarantee UL
and the virtual disappearance of term-UL. YTD, UL
premium increased 5 percent. UL policy count fell 14 percent in the second quarter and 16 percent in the first
half of 2013.
Indexed UL had another strong quarter. IUL premium
increased 22 percent in the second quarter and 23 percent for the first half of the year. The growth of IUL
was the biggest driver of overall sales growth this quarter
and YTD.
Whole life (WL) sales remained steady and were the
second biggest driver of overall growth in the quarter.
Premium increased 5 percent in the quarter — the 16th
consecutive quarter of positive growth. YTD, WL premium
grew six percent, compared with prior year. WL policy
count was down, declining 2 percent in the second
quarter and 3 percent in the first six months of 2013.
Term premium jumped 6 percent in the second quarter,
improving 5 percent in the first half of 2013. Most of this
is due to companies discontinuing Term UL and
reintroducing traditional term products. Policy count also
improved, up 5 percent in the second quarter and 3
percent over the first six months of 2013. About half of
the term writers increased their sales compared with the
first half of 2012.
Variable universal life premium rose 9 percent in the
second quarter, resulting in a 13 percent jump YTD.
Policy count also improved, up 10 percent for the quarter
and 5 percent in the first six months of 2013.
View the latest data table on U.S. life insurance sales
trends. For more statistics, visit the newly updated Data
Bank .
About LIMRA
LIMRA, a worldwide research, consulting and
professional development organization, is the trusted
source of industry knowledge, helping more than 850
insurance and financial services companies in 73
countries increase their marketing and distribution
effectiveness.
grew 4 percent in the second quarter, resulting in a 6
percent increase for the first half of 2013, according to
LIMRA’s Individual Life Insurance Sales Survey.
Policy count, which had been increasing slightly over the
last two years, continued to decline in the second quarter,
down 2 percent for the quarter and 3 percent for the first
half of the year.
While every product line recorded positive growth in the
second quarter and year-to-date (YTD), indexed
universal life and whole life products were the biggest
drivers of overall growth in the first half of 2013,” said
Ashley Durham, senior analyst, LIMRA Insurance
Research. “Both products are well-matched for a low- interest and uncertain economic climate, offering the
principle protection and growth opportunity that
consumers are seeking.”
Total universal life (UL) premium rose 1 percent —
hampered by a 14 percent drop in lifetime guarantee UL
and the virtual disappearance of term-UL. YTD, UL
premium increased 5 percent. UL policy count fell 14 percent in the second quarter and 16 percent in the first
half of 2013.
Indexed UL had another strong quarter. IUL premium
increased 22 percent in the second quarter and 23 percent for the first half of the year. The growth of IUL
was the biggest driver of overall sales growth this quarter
and YTD.
Whole life (WL) sales remained steady and were the
second biggest driver of overall growth in the quarter.
Premium increased 5 percent in the quarter — the 16th
consecutive quarter of positive growth. YTD, WL premium
grew six percent, compared with prior year. WL policy
count was down, declining 2 percent in the second
quarter and 3 percent in the first six months of 2013.
Term premium jumped 6 percent in the second quarter,
improving 5 percent in the first half of 2013. Most of this
is due to companies discontinuing Term UL and
reintroducing traditional term products. Policy count also
improved, up 5 percent in the second quarter and 3
percent over the first six months of 2013. About half of
the term writers increased their sales compared with the
first half of 2012.
Variable universal life premium rose 9 percent in the
second quarter, resulting in a 13 percent jump YTD.
Policy count also improved, up 10 percent for the quarter
and 5 percent in the first six months of 2013.
View the latest data table on U.S. life insurance sales
trends. For more statistics, visit the newly updated Data
Bank .
About LIMRA
LIMRA, a worldwide research, consulting and
professional development organization, is the trusted
source of industry knowledge, helping more than 850
insurance and financial services companies in 73
countries increase their marketing and distribution
effectiveness.
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