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Life Insurance Group > Life insurance news > Life insurance types » Individual Life Insurance Witnesses Steady Growth in Sales for Three C...

Individual Life Insurance Witnesses Steady Growth in Sales for Three Consecutive Years

Thursday, March 21st, 2013

In the fourth quarter 2012, the total premiums for individual life insurance grew by 12%, which is the largest growth that has ever been recorded since the recession. The total number of life insurance plans sold during this period grew by almost 1% for the year, which makes 2012 yet another year of growing annual growth in individual life insurance policies. The individual life insurance policy count last time increased in a row of two years during 1980-1981, when the policy count grew approximately 3% and 7% respectively.

The annualized premiums for universal life insurance policies showed the strongest performance across all its major product lines in the fourth quarter, growing at a pace of almost 20%. For the same year, the premiums for universal life insurance grew by almost 8% as compared to that of 2011. However, the total number of universal life insurance policies sold dropped by 8% for the quarter and 3% in the year 2012.

In 2012, the market share for universal life insurance policies was 40% of total premiums for new individual life insurance. The indexed universal life insurance soared at 42% during the fourth quarter, and improved by 36% during 2012. The individual universal life insurance now represents almost 30% of the total universal life insurance premiums, and approximately 12% of total individual life insurance premiums. Universal life insurance with guaranteed lifetime has grown 27% in the 2012 fourth quarter, which highlights dramatic sale prior to latest reserving requirements taking effect on January 1, 2013. Irrespective of significant growth during the fourth quarter 2012, lifetime Guaranteed Universal Life insurance hardly grew by 1% during 2012.

In addition to this, Whole Life insurance sales for the fourth quarter continued to grow strongly. The new annualized premiums grew by 6% during the fourth quarter, which resulted into 7% uptick during 2012. According to the report, this is the seventh years when WL grew consecutively. In the year 2012, the market share for whole life insurance was almost 32% of all the premiums, which is the highest ever since 1998. The total count for WL was 4% for the quarter and grew by 5% in 2012. Similar raise is expected in 2013.

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