Windsor, Conn. — Universal life (UL) was the only individual life insurance product to produce more new premiums in the first half of 2008 when compared to the first half of 2007, according to Windsor, Conn.-based LIMRA International Inc.’s Individual Life insurance Sales Report.
“Strong first-quarter UL sales (up 8%) kept overall life insurance sales from dropping during the first six months of 2008,” said Ashley Durham, LIMRA analyst for product research. “Still, second-quarter UL premiums were flat. Death benefit guarantee (DBG) UL sales are slowing for some companies. Price increases and a drying replacement pool have contributed to the decrease in DBG sales. All in all, total new annualized life insurance premium was also flat.”
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