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Life insurance sales improve at start of 2011Posted On Mon, August 29, 2011
According to data collected by industry association LIMRA, more consumers were likely researching life insurance quotes during the past several months, as polices grew in the first half of the year.
The report found that individual life insurance new annualized premium increased 4 percent when compared with last year's figures. Universal and whole life policies showed gains, while the number of term life policies decreased.
"Overall, individual life insurance sales slowed from first quarter, but still remained positive, with premium and policy count up one percent compared with second quarter 2010," noted Ashley Durham, senior analyst, LIMRA product research. "Part of the slowdown in growth is a reflection of a few companies moving away from lifetime death benefit guarantee universal life (UL) products."
LIMRA said 70 percent of insurance writers were able to increase their sales during the period, with half seeing double-digit improvements.
The risein sales could help make sure more Americans have coverage. Previous LIMRA data has shown many families do not have any life insurance policies.
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