LIMRA released its “U.S. Individual Life Insurance Sales” report, which indicates total individual life insurance new annualized premium increased 4% in the first half of 2011. Overall, individual life insurance sales slowed from the first quarter, but still remains positive; premium and policy count increased 1% compared with second quarter 2010, according to Ashley Durham, senior analyst, LIMRA product research. Durham attributes the slowdown in growth to a few companies moving away from lifetime death benefit guarantee universal life products.
Annualized premium sales for death benefit guarantee UL products were 3% lower than they were during second quarter 2010, and level in the first half of the 2011. However, lifetime guarantees held 45% of UL market share through the second quarter.
