NU Online News Service, March 1, 2004, 3:30 p.m. EST – Universal life insurance was once again the industry sales leader among individual life insurance products sold in the United States in 2003, according to LIMRA International, Windsor, Conn.
This is the third year in a row that UL came in first, says LIMRA.
New annualized UL premiums were up 28% in 2003 over 2002, giving UL a 35% market share for the year.
Whole life premiums also rose in 2003, by 7%. and term life premiums rose by 1%. But premiums for variable universal life and fixed variable life combined dropped 33%, LIMRA reports.