U.S. sales of individual life insurance were just okay in 2018, but sales of individual variable universal life (VUL) insurance were great.
Annualized premiums from new U.S. individual life policies sold increased by less than 0.5% in 2018, and the total number of new individual policies sold fell by about 0.5%, according to new issuer survey data from LIMRA.
VUL policies account for just 8% of individual life premiums.
But annualized premiums from new VUL sales increased by 14%, and the number of policies sold increased by 9%.
LIMRA tracks sales of universal life, term life and whole life as well as sales of VUL coverage. The number of non-VUL policies sold in 2018 fell by about 5%.
The insurers that participate in the LIMRA life survey program account for about 80% of U.S. life premium revenue, according to LIMRA data.