Term life sales on pace for record year, says Limra
September 18, 2024 by Leo Almazora
Term life insurance sales maintained their upward trajectory in the second quarter of 2024, putting the category on course for a record year after closing its sixth consecutive quarter of growth, according to Limra’s US Life Insurance Sales Survey.
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Wink’s Note: According to Wink’s Sales & Market Report, term life second quarter sales were $692.8 million; up 6.8% compared with the previous quarter.
Items of interest in the term life market included RiverSource Life as #1 ranking in term life sales, with a 6.2% market share, Prudential, Pacific Life Companies, Corebridge Financial, and Protective Life Companies rounded the top five, respectively.
RiverSource Life’s RiverSource 20-Year Term Life was the #1 selling term life insurance product, for all channels combined, for the second consecutive quarter. The average annual term life premium per policy reported for the quarter was $2,996, a decline of more than 10% from the previous quarter.
Originally Posted at InvestmentNews on September 11, 2024 by Leo Almazora.
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