Indexed Universal Life (IUL) saw the biggest gain of any life insurance product in 2010, growing 47% according to LIMRA’s U.S. Individual Life Insurance Sales Survey. Total universal life sales increased 10 for 2010.
Many factors contributed to the dramatic growth of IULs, including increased marketing, training and new product introductions. Perhaps more than anything IULs benefited from the economy. Investors still remember what happened in 2008 and are looking for protection, but low rates of return on fixed products are driving consumers to indexed products that offer an opportunity to participate in market gains without the risk of losing principal.
Given the current environment, if you’re not already selling IULs, it’s time to add this product to your toolbox.
North American has the industry’s best lineup of IULs with three separate products all serving different niches:
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Call 1.800.786.5566 if you have questions or need help with an illustration.
The other big winners in 2010 was whole life, which increased 15%. Life insurance sales overall increased 4% in 2010, but still didn’t reach 2007 levels.