First quarter 2006 individual life insurance sales rose 15% in new annualized premiums over the first quarter of 2005, according to LIMRA International.
LIMRA’s latest survey shows the number of policies sold remained even with the same period last year, while face amounts rose an average of 4%.
The strongest increases were in universal life and variable universal life products, where annual premiums were up 26% and 15%, respectively.
This is only the second time in five years that VUL posted a double-digit quarterly increase, LIMRA noted.
Fixed-premium products, term and whole life insurance, showed premium increases of 5% and 3%, respectively.