Life Insurance Quotes

Whole life insurance sales increase in 3rd quarter

11/23/11

According to LIMRA's U.S. Individual Life Insurance Sales report, total individual life insurance premiums increased 6 percent in the third quarter and 5 percent in the first three quarters of 2011 as a result of a significant increase in whole life insurance sales.

Mutual companies accounted for in the sales figures showed more than half of the new whole life premiums are also responsible for half of the absolute dollar growth the industry has seen so far this year, according to LIMRA.

"The biggest driver of individual life insurance growth in the third quarter was WL, whose premium increased 10 percent both for the quarter and year-to-date,” said Ashley Durham, senior research analyst, LIMRA product research. “WL is likely benefiting from premium and cash-value guarantees along with lifetime coverage, which are leading concerns for buyers, concerns that are likely compounded during times of economic uncertainty.”

Success has also been seen by stock companies, which increased sales by 11 percent, and fraternal companies, which saw whole life insurance sales increase by 25 percent.

Whole life insurance is used as protection for families and helps them prepare for the unexpected, but they can also build cash value that policyholders can use during their lifetime.

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