In the first quarter of 2012 total individual life insurance premium grew 3 percent when comparing to 2011’s numbers, and the overall policy count rose 5 percent in that same quarter, according to a new LIMRA report.
LIMRA researchers believe that the “biggest driver behind both total premium and policy count continues to be whole life.” In fact, analyst saw “growth in whole life sales across the industry.”
Researchers believe because whole life has the security of cash-value guarantees, in addition to lifetime coverage, has enticed consumers to purchase these policies, researchers believe.
The report also found:
- Whole life premium increased 10% in the first quarter of 2012.
- Whole life policy count improved 6% in the first quarter.
- Half of all the individual life insurance policies issued in the first quarter were whole life products.
- Lifetime-guarantee UL premium fell 12% in the first quarter of 2012.
- Indexed UL (IUL) jumped 22% in the first quarter and IUL policy count grew 41%.
- Variable UL (VUL) premium declined 1% in the first quarter.
- VUL policy count dropped 9%.
- New term life premium grew by 1% in the first quarter.
What seems to be performing best for your National Agents Alliance business? Anything on the decline?