The individual term life insurance marketplace in the United States was transformed in the 1990s.
In the 1980s, term insurance was dominated by yearly renewable term, and represented a static one-eighth share of new individual life insurance premium. The 1990s brought multi-year level premium guarantees, sales increases nearly every year, and a market share of more than one-fifth of new life premium by the end of the decade.
The late 1990s also brought the Valuation of Life Insurance Policies model regulation, also known as Guideline XXXnew reserve regulations–and the roller coaster of sales it caused from 1999 through 2001.
Whats next for the individual term life insurance market? A survey of leading term writers, conducted by LIMRA International in the fall of 2001, revealed new trends–and new directions.