THIRD QUARTER 2021 LIFE INSURANCE SALES
December 10, 2021 by Sheryl J. Moore
Non-Variable UL
Sales for the third quarter of 2021 were $724 million, compared with sales of $624 million for the third quarter of 2020. Third quarter non-variable life sales were down more than 5% when compared to the previous quarter and up nearly 16% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Total 3Q21 non-variable universal life sales were $724,401,705.
Indexed Life
Sales for the third quarter of 2021 were $609 million, compared with sales of $503 million for the third
quarter of 2020. Third quarter indexed life sales were down more than 2% when compared with the previous quarter, and up 21% as compared to the same period last year.
Total 3Q2021 indexed life sales were $609,385,852.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE THIRD QUARTER OF 2021:
- National Life Group
- Pacific Life Companies
- Nationwide
- Transamerica
- John Hancock
AVERAGE TARGET PREMIUM:
The average target premium paid $11,267; an increase of more than 1% from the prior quarter.
Primary Pricing objective:
More than 75% of sales were through products with a primary pricing objective of Cash Accumulation.
3Rd QUARTER LEADERS BY CHANNEL:
Bank- John Hancock
Career- National Life Group
Direct Response- AIG
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
3rd QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life Transamerica Foundation IUL
Bank- John Hancock Life Protection IUL
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life’s Value+ Protector II
Independent Agent- Transamerica Life Transamerica Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide New Heights IUL Accumulator 2020
Universal Life
Sales for the third quarter of 2021 were $115 million, compared with sales of $121 million for the third quarter of 2020. Third quarter universal life sales were down more than 19% when compared with the previous quarter and down more than 5% as compared to the same period last year.
Total 3Q2021 universal life sales were $115,305,607.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,368; an increase of nearly 6% from the prior quarter.
Primary Pricing Objective:
More than forty percent of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2021 were $1,094 million, compared with sales of $1,053 million for the third quarter of 2020. Third quarter whole life sales were down 6% when compared with the previous quarter, and up nearly 4% as compared to the same period last year.
Total 3Q2021 whole life sales were $1,094,661,995.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the $3,105, a decline of more than 10% from the prior quarter.
primary pricing objective:
More than Fifty-eight percent of sales were through products with a primary pricing objective of Final Expense.