Group Term Life Protected 2% More People in 2019: Gen Re
In-force premiums and premiums from new sales also increased.
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.
Resources
- 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.
— Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter.