Sales of life insurance policies grew during the first quarter of 2012, according to research by LIMRA.
The industry's overall policy count rose 5 percent when compared to the first quarter of 2011. Insurance companies also saw total individual life insurance premiums grow by 3 percent during the quarter.
"The biggest driver behind both total premium and policy count growth continues to be whole life," Ashley Durham, senior analyst of LIMRA product research, said in a press statement. "We saw growth in whole life sales across the industry, including three quarters of our survey’s participants, and all but one of the dominant top 20. It remains very attractive to consumers looking for security of premium and cash-value guarantees along with lifetime coverage."
During the first quarter, the whole life policy count grew by 6 percent, and whole life premiums jumped 10 percent. Whole life insurance products made up half of all individual life insurance policies issued in the first quarter.