After years of watching individual life sales decline, banks managed to increase production 50% in 2009.
Banks generated almost $1.3 billion in new individual life premium revenue in 2009, according to Kehrer-LIMRA, a division of LIMRA, Windsor, Conn.
Revenue from sales of individual life coverage through banks was twice as high in the fourth quarter of 2009 as in the fourth quarter of 2008, and the fourth quarter of 2009 was the third consecutive quarter to show significant growth.
“The recent difficulty bank-based investment reps have had with selling rate-sensitive products has proven to be an opportunity for the sale of life insurance,” Scott Stathis, the managing director of Kehrer-LIMRA, says in a statement about the latest bank life production figures.
Single-premium universal life sales represented 75% of new life premium sold through banks, according to Kehrer-LIMRA.