Whole, Universal Life Sales Continue to Grow in Q3

Once again, sales in whole life and universal life drove success in life insurance sales. Third quarter sales increased slightly,according to LIMRA’s U.S. Individual Life Insurance Sales survey.

Whole life increased 6% in the third quarter, according to LIMRA, and grew 15% for the first nine months of 2010.

Ashley Durham, senior analyst for LIMRA product research, noted that whole life sales have slowed compared with the 15% and 23% increases seen in the first and second quarters. But, she said in a statement, "it’s important to remember that third quarter 2010 is being compared with the time when the double-digit increases began."

As of the end of September, whole life represented 30% of overall annualized premium sales, she added.

Universal life showed slight gains, increasing 8% over the third quarter of 2009, and premium increased 11% for the first nine months of 2010. Sales in indexed universal life are "stimulating" overall sales, LIMRA reports, increasing almost 45% for the third quarter and year-to-date.