Life insurers sold fewer individual life policies in the United States in the third quarter, and total annualized premiums from the new policies sold also fell.
Life insurers told LIMRA that they sold 3% fewer individual life policies in the third quarter than in the third quarter of 2016.
Annualized premiums for the new policies sold fell 2%, but the total value of the new life insurance coverage provided increased 1%.
Universal life suffered the biggest drop in terms of the number of policies sold, with the policy count falling 7%, year-over-year.
The policy count for the strongest-performing product, variable universal life (VUL), increased 4%.
But new annualized premiums from VUL policies fell 9%, year-over-year, making that product the worst-performing product in terms of new annualized premiums.
New annualized premiums from term life increased 1%. Term life was the only product that showed growth in new annualized premiums.
LIMRA gives figures on the percentage change in sales to the public. The underlying sales totals are available only to the organizations that belong to LIMRA.
—Read LIMRA Stands With You on ThinkAdvisor.