September 04, 2008 at 10:06 AM
Premium revenue from sales of new U.S. life insurance policies fell about 2% in the second quarter.
Researchers at LIMRA International, Windsor, Conn., have based that estimate on results from a survey of 78 insurers.
Universal life premiums rose 8% in the first quarter but were flat in the second quarter, LIMRA researchers report.
Variable universal life sales premiums fell 8% in the second quarter, and variable life sales premiums fell 21%.
VUL sales were down even though more insurers have introduced VUL products with guarantees, according to Ashley Durham, a LIMRA analyst.
Whole life sales increased 1%.
Both the total amount of death benefits and the total number of policies sold fell about 1%; LIMRA researchers estimate.
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