U.S. indexed life insurance sales climbed to $486 million in the first quarter, up 11% from the total for the first quarter of 2017, according to analysts at Wink Inc.
The combined sales total for indexed universal life and traditional universal life increased 1.6%, to $936 million.
Sales of whole life increased 11%, to $1.1 billion.
(Related: Q4 Indexed Life Sales Rise 7.6%: Wink)
Wink has published those figures in a summary of results from a recent industry survey. A total of 103 insurance providers participated in the survey.
In the indexed life market, the average target premiums paid was $9,221, according to Sheryl Moore, Wink’s president.
In that market, “more than 83% of the sales were through products with a primary pricing objective of cash accumulation,” Moore writes.
In the whole life market, she says, the average premium was $3,282 per quarter, and 74% of the sales were for products that had cash accumulation as the primary pricing objective.
— Read 6 Questions for Sheryl Moore, a Life and Annuity Tracking Rockstar, on ThinkAdvisor.