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June 22, 2001 at 08:00 PM
NU Online News Service, June 22, 11:25 a.m. – LIMRA International, Windsor, Conn., says its survey of individual U.S. life insurance sales shows a 4% increase in annualized premiums over the first quarter of 2000.
Premiums for new term life sales dropped about 24% as a result of regulatory changes that led to a rush on term life insurance in early 2000, but premiums from sales of variable-universal life insurance increased 19%, and sales of universal life products increased 15%, LIMRA says.
Although premiums from new policy sales increased in most categories, the number of policies sold and the face amount of coverage sold decreases, LIMRA says.
The increase in premiums and decrease in amount of coverage sold suggests insurers were collecting a higher average premium rate for each $1,000 of coverage sold.
