Life premium up in 2006

Signs of life emerged in the U.S. life insurance market, as individual life premium rose 7 percent in new annualized premium in 2006. That increase is the largest since 2000, according to LIMRA International. Total face amount sold went up by 4 percent over the previous year.

On a product-by-product basis, universal life and variable UL both grew the most, up by 9 percent each. Term life was up by 5 percent, whole life by 2 percent. Universal life’s market share stands at 40 percent, followed by 23 percent for term, 22 percent for whole and 14 percent for variable UL.