John Hancock Unveils Hybrid Indexed Life Product for the Worksite
October 3, 2023 by Warren S. Hersch
The unveiling comes at a propitious time for sales of indexed life products. Volume in the second quarter, including for indexed universal and indexed whole life insurance, rose to $812.6 million, up 18.5% from the year before, according to Wink’s Sales & Market Report.
Wink reported that products geared toward cash accumulation accounted for nearly three-quarters, or 73.6%, of indexed life sales. These policies are structured so that the policy’s cash value — as opposed to the death benefit — is maximized for a given insurance premium.
National Life was the top seller of universal life products in the second quarter, with 21.3% market share, Wink reported. For the 9th consecutive quarter, Transamerica’s Financial Foundation indexed life insurance surpassed sales of competing products across distribution channels.
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