LIMRA released its “U.S. Individual Life Insurance Sales” report, which indicates total individual life insurance new annualized premium increased four percent in the first half of 2011. Overall, individual life insurance sales slowed from the first quarter, but still remained positive; premium and policy count increased one percent compared with second quarter 2010, according to Ashley Durham, senior analyst, LIMRA product research. Durham attributes the slowdown in growth to a few companies moving away from lifetime death benefit guarantee universal life (UL) products.
Annualized premium sales for death benefit guarantee UL products were three percent lower than they were during second quarter 2010, and level in the first half of the 2011. However, lifetime guarantees held 45 percent of UL market share through the second quarter.
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