U.S. group term life insurance issuers protected more people against the risk of death in 2019, and they also increased revenue.
Heidi Alpren, an executive at Gen Re, has provided a look at U.S. group term life market performance in a summary of results from the company’s latest group life issuer survey.
The company received data from 29 group term life issuers.
- A summary of the Gen Re group term life survey report is available here.
- An article about an earlier Gen Re group term life survey report is available here.
The number of people covered by newly sold policies increased 5% between 2018 and 2019. Premiums from new policy sales also increased 5%, to $2.75 billion.
Covered lives and premiums also rose in sync for in-force group life coverage. The number of people covered by in-force policies increased 2%, and premiums from in-force coverage also increased 2%, to $27 billion.
Gen Re did not provide the actual number of people covered by the new and in-force policies included in the survey data.
Gen Re also compiled data on sales of group accidental death and dismemberment (AD&D) coverage.
Premium revenue from new AD&D sales increased 1%, to $251 million, and premium revenue from in-force AD&D coverage rose 5%, to $1.9 billion.
— Read Group Life Plans Are Protecting More Workers: Gen Re, on ThinkAdvisor.