Insurance Quotes

Get quick and easy insurance quotes

Currently insured?:
Yes No

Insurance News

LIMRA: Individual life insurance sales slow down in the second quarter
By Insure.com staff

Sales of individual life insurance policies slowed in the second quarter compared to the first three months of this year, but still were up over second quarter 2010, according to a new report by LIMRA, a global research and consulting firm.

The number of policies sold and the premium revenue from those sales increased 1 percent compared to the second quarter last year.

"Part of the slowdown in growth is a reflection of a few companies moving away from lifetime death benefit guarantee universal life products," Ashley Durham, LIMRA product research senior analyst, said in a press release.
The premium revenue from sales of universal life policies with death benefit guarantees fell 3 percent, compared to the second quarter last year and remained level in the first half of 2011. But the products still held 45 percent of the universal life market share.

The premium revenue from indexed universal life sales was up 29 percent in the second quarter over the same period last year, producing a 43 percent hike during the first six months of 2011.

Sales of whole life policies grew 5 percent in premium revenue in the second quarter over the same period in 2010, resulting in a 10 percent increase for the first half of 2011. The number of policies sold was up 4 percent for the quarter and 6 percent year to date.

More than 70 percent of life insurance underwriters increased sales in the second quarter, and more than half saw double-digit increases, LIMRA said.

The new premium revenue from sales of variable universal life insurance policies rose 3 percent in the second quarter over the same period in 2010 and 9 percent for the first six months of this year.

Term life sales fell in the second quarter. The premium revenue from the sales dropped 5 percent for the quarter and 8 percent for the year so far. The number of policies sold also declined, down 4 percent for the quarter and 8 percent during the first half of 2011.

 

More Insurance News »
Insure.com Redesign Survey