What You Need to Know
- The number of new policies sold held steady.
- For VUL, the new policy count rose 69%.
- For term life, the new policy count actually fell 7%.
Consumers’ hunger for products that can provide large death benefits and some protection against inflation helped double sales of variable universal life (VUL) insurance in the third quarter, according to insurer survey data from LIMRA.
LIMRA found that new annualized premiums from U.S. individual life insurance policy sales increased 18% between the third quarter of 2020 and the third quarter of 2021.
The dollar value of sales of all types of life products increased at least 4%, year over year, but VUL was the star.
The total number of all types of individual life policies sold held steady. New policy counts fell for term life and increased for permanent life products.