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December 11, 2023 at 01:44 PM
Consumers were making a little more use of indexed life insurance in the third quarter.
Total U.S. sales of individual indexed life insurance increased 2.5% between the third quarter of 2022 and the third quarter of 2023, to $687 million, according to Wink.
The percentage of buyers using the policies mainly to accumulate cash increased to 79%, from 78%.
Wink is a Des Moines, Iowa-based firm that that uses an issuer survey to producer its life sales data. The participating issuers account for about 93% of individual indexed life sales.
What it means: Some clients may be using indexed life insurance to build up cash for retirement, paying for their children’s education or other purposes.
The number of people using indexed life insurance that way seems to be holding steady.
Indexed life insurance: The issuer of an indexed life insurance policy offers a fixed minimum level of permanent coverage that has a built-in cash value account.
