First quarter universal life (UL) insurance sales rose 14% from the same period a year ago, according to LIMRA. Policy count over the same period jumped 18%. Part of this is due to new hybrid Term-UL products that are increasing in popularity. If Term-UL is taken out of first-quarter results, UL policy count would have been up just 5% instead of 18%.
Senior Market Sales works with several carriers who are now offering Term-UL products, including Protective Life.
Growth in UL sales contributed heavily to overall life insurance sales increasing 8% in the first quarter. Term life was the only product to experience a drop in sales, falling 11%. Last year, term life saw the biggest annual sales decline on record, with premium and policy count dropping 16% in the fourth quarter of 2010 and 12% for the year.
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