What You Need to Know
- Variable universal life was the leader in terms of sales premium growth.
- Policy counts for all types of life policies tracked increased at least 7%.
- Growth in the number of policies was highest for whole life.
COVID-19 put U.S. sales of all types of individual life insurance policies on a rocket in the fourth quarter of 2021, according to new issuer survey data from LIMRA.
The number of policies sold increased at least 7% for all types of products.
Annualized premiums — a measure of sales revenue — fell 1% for term life but increased at least 27% for the other types of products tracked.
David Levenson, LIMRA’s president, suggested in a comment on the results that the strong sales could be partly the result of the pandemic.
“Our research shows that the pandemic raised consumer awareness and demand for life insurance protection,” Levenson said. “Three in 10 Americans tell us they are more likely to purchase coverage due to COVID-19.”
The increase could also be due to some consumers’ efforts to save for retirement and plan for long-term care costs.