Individual life sales have increased for the second straight quarter, according to LIMRA’s product research. Individual life insurance premiums grew 7% in the second quarter alone, and 9% over the first two quarters when compared to 2009.
“This 9% increase for the first half has been very encouraging for individual life insurance sales,” said Ashley Durham, senior analyst, LIMRA product research. It should be encouraging after what took place in 2009 with the largest drop of sales in 70 years.
As in the last 4 consecutive quarters, whole life continues to increase. In the second quarter this year it rose 23%. Compared to the first half of 2009, whole life rose an impressive 19%.
Universal life was in no slump either, increasing 11% in the second quarter. Total for the first half of sales universal life is up 23%.