Life Insurance Premium Trends and What They Mean for Your Life Insurance Leads
Life Insurance Sales and Premiums Are Up
Now is a great time to be selling life insurance. Premiums and sales are on the rise, but what does it mean for life insurance lead generation? The best life insurance leads for agents are exclusive and come from targeted marketing efforts. As more and more agents make the switch to life insurance sales, will the pool of exclusive life insurance leads dry up?
The individual life insurance new annualized premium increased 5% in Q1 this year compared to Q1 2016, according to LIMRA’s First Quarter 2017 U.S. Individual Life Insurance Sales Survey.
About 60 percent of the companies participating in LIMRA’s survey reported sales growth, including nine of the top 10 insurance carriers. “U.S. individual life insurance premium sales increased all but one year since the Great Recession in 2009, and 2017 has started off solid with growth across every product line except for variable universal life,” according to Ashley Durham, associate research director, LIMRA Insurance Research. “LIMRA expects growth to remain positive throughout the year, with whole life and universal life insurance continuing to drive results.”
While individual life insurance grew, the total number of policies sold in Q1 decreased 2%, compared with the same quarter in 2016. Variable universal life insurance premiums fell 3% in Q1.
Whole life insurance products continue to enjoy positive growth numbers. In Q1, whole life insurance premiums grew 7%, with eight of the top 10 insurance companies reporting growth. Whole life insurance premiums have increased for the past 11 years. Term life insurance premiums also saw an increase after declining in Q4 of last year.
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