The percent of universal life sales rose from 25 percent to 45 percent of all UL/IUL combined sales during the first three quarters of 2014, according to the survey.
Here’s a breakdown of the survey’s highlights:
Cash accumulation IUL sales comprised 82 percent of total cash accumulation UL/IUL sales;
Current assumption IUL sales comprised 17 percent of total current assumption UL/IUL sales;
Chronic illness riders as a percent of total sales were 17 percent for UL products and 45 percent for IUL products;
Long-term care (LTC) riders as a percent of total sales were 18 percent for UL products and 9 percent for IUL products;
Nearly 86 percent of survey respondents expect to market either an LTC or chronic illness rider within the next 24 months.
Millman said participants in the survey indicated another major shift was in the works.
“Overall survey statistics suggest that companies plan to focus more on cash accumulation IUL and current assumption IUL products, and less on universal life with secondary guarantees (ULSG). Five of the 29 survey participants reported discontinued sales of ULSG products,” Millman said in a release.