FOURTH QUARTER 2020 LIFE INSURANCE SALES
May 25, 2021 by Sheryl J. Moore
Non-Variable UL
Sales for the fourth quarter of 2020 were $740 million, compared with sales of $1,076 million for the fourth quarter of 2019. Fourth quarter non-variable life sales were up more than 18% when compared to the previous quarter and down more than 31% as compared to the same period last year. Sales of non-variable UL for 2020 were $2,794 million, a decline of more than 22%.
Indexed Life
Sales for the fourth quarter of 2020 were $621 million, compared with sales of $725 million for the fourth quarter of 2019. Fourth quarter indexed life sales were up more than 23% when compared with the previous quarter, and down more than 14% as compared to the same period last year.
Total 4Q2020 indexed life sales were $621,316,309.
Total 2020 indexed life sales were $2,160,309,118.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FOURTH QUARTER OF 2020:
- Pacific Life Companies
- National Life Group
- John Hancock
- Transamerica
- Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $12,551, an increase of nearly 15% from the prior quarter.
Primary Pricing objective:
Seventy-one percent of sales were through products with a primary pricing objective of Cash Accumulation.
4th QUARTER LEADERS BY CHANNEL:
Bank- John Hancock
Career- National Life Group
Direct Response- AIG
Independent Agent- Pacific Life Companies
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
RIA- N/A
4th QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall-Transamerica’s Transamerica Financial Foundation IUL
Bank- Pacific Life’s Pacific Discovery Xelerator IUL 2
Career- Ameritas’ Ameritas Growth Index Universal Life
Direct Response- American General Life’s Protection Extend IUL
Independent Agent- Transamerica’s Transamerica Financial Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020(?)
RIA Distribution – N/A
Universal Life
Sales for the fourth quarter of 2020 were $118 million, compared with sales of $351 million for the fourth quarter of 2019. Fourth quarter universal life sales were down more than 2% when compared with the previous quarter and down more than 66% as compared to the same period last year.
Total 4Q2020 universal life sales were $118,969,732.
Total 2020 universal life sales were $636,178,355.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,359, an increase of nearly 6% from the prior quarter.
Primary Pricing Objective:
Forty-five percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2020 were $1,035 million, compared with sales of $1,455 million for the fourth quarter of 2019. Fourth quarter whole life sales were down nearly 2% when compared with the previous quarter, and down nearly 29% as compared to the same period last year.
Total 4Q2020 whole life sales were $1,035,281,647.
Total 2020 whole life sales were $4,060,282,549.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter $3,571, a decline of more than 3% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Fifty percent of sales were through products with a primary pricing objective of Final Expense.
