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Chicagoans Buy More Life Policies

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NU Online News Service, May 17, 2004, 6:01 p.m. EDT – Chicago residents have been buying more individual life insurance policies than consumers in other U.S. markets have.[@@]

LIMRA International, Windsor, Conn., has published that finding in its 2003 MarketMap individual life market share report

When LIMRA ranked markets in terms of new individual life sales premium volume, it found that New York ranked first with $542 million in new sales. The Los Angeles-Long Beach market ranked second, with $469 million in new sales, and Chicago ranked third, with $464 million in new sales.

But Chicago residents bought 312,600 new individual policies. New York residents bought 288,200 new policies, and Los Angeles-Long Beach residents bought only 251,100 new policies.

LIMRA researchers also are reporting a regional difference in variable product sales. Variable product sales are holding up well in New York, but they have fallen sharply in the Los Angeles-Long Beach market, LIMRA says.