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The independent marketing organizations (IMOs) that participated in a new survey increased their sales of final expense life insurance by 4% in 2017, to $592 million.

The Life Insurers Council, an arm of LOMA, and Competiscan have reported those new annualized premium figures in a new financial expense market report.

(Related: 5 Reasons to Specialize in Final Expense Insurance)

The study team based the 2017 new annualized premium figures on results from a survey of 33 carriers.

The study team did not include results for direct-to-consumer final expense product sales.

Final expense life insurance helps the purchasers and their families pay for funerals, burials, cremations, and other expenses associated with death.

A copy of the full 2017 final expense study is available here.

In addition to conducting a survey of carriers that distribute final expense products through IMOs, the study team organized a survey of U.S. residents ages 50 through 85.

The study team found that:

  • About 89% of IMO final expense life sales came from simplified-issue products, and about 11% of IMO final expense life sales came from guaranteed-issue products.
  • IMO sales of fully underwritten final expense products amounted to a rounding error.
  • The average age of the purchasers of the simplified-issue and guaranteed-issue policies was 63.
  • 47% of the consumers said they would prefer to buy final expense coverage from an agent or advisor.

— Read 8 Numbers to Know for Final Expense Insurance Sales Successon ThinkAdvisor.

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