FIRST QUARTER 2021 LIFE INSURANCE SALES
July 13, 2021 by Sheryl J. Moore
Non-Variable UL
Sales for the first quarter of 2021 were $649 million, compared with sales of $770 million for the first quarter of 2020. First quarter non-variable life sales were down more than 12% when compared to the previous quarter and down nearly 16% as compared to the same period last year.
Total 1Q21 non-variable universal life sales were $649,886,405.
Indexed Life
Sales for the first quarter of 2021 were $530 million, compared with sales of $526 million for the first quarter of 2020. First quarter indexed life sales were down nearly 15% when compared with the previous quarter, and up nearly 1% as compared to the same period last year.
Total 1Q2021 indexed life sales were $530,624,958.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2021:
- National Life Group
- Pacific Life Companies
- Transamerica
- Nationwide
- Allianz Life
AVERAGE TARGET PREMIUM:
The average target premium paid was $12,279, a decline of more than 2% from the prior quarter.
Primary Pricing objective:
Seventy-four percent of sales were through products with a primary pricing objective of Cash Accumulation.
1st QUARTER LEADERS BY CHANNEL:
Bank- John Hancock
Career- Ameritas
Direct Response- AIG
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
RIA- N/A
1st QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Allianz Life Allianz Life Pro+ Advantage
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- Allianz Life Allianz Life Pro+ Advantage
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 first quarter of 2021 were $119 million, compared with sales of $244 million for the first quarter of 2020. First quarter universal life sales were up nearly 1% when compared with the previous quarter and down nearly 51% as compared to the same period last year.
Total 1Q2021 universal life sales were $119,735,665.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,021, a decline of more than 6% from the prior quarter.
Primary Pricing Objective:
More than forty-one percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the first quarter of 2021 were $1,081 million, compared with sales of $1,038 million for the first quarter of 2020. First quarter whole life sales were up nearly 5% when compared with the previous quarter, and up more than 4% as compared to the same period last year.
Total 1Q2021 whole life sales were $1,081,865,015.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the quarter $2,675, a decline of more than 25% from the prior quarter.
primary pricing objective:
Nearly fifty-five percent of sales were through products with a primary pricing objective of Final Expense.
-Sjm
