Annualized premiums from sales of individual universal life insurance were 23% higher in the third quarter than they were in the third quarter of 2006, and sales of individual variable universal life were 55% higher.
Researchers at LIMRA International, Windsor, Conn., have reported those findings in a summary of results from the research consortium’s third-quarter U.S. individual life sales survey.
Although the total number of individual life policies sold fell 2% between the third quarter of 2006 and the latest quarter, total annualized premium volume increased 20%, LIMRA says.
The face value of the coverage purchased increased 7%.