THIRD QUARTER 2024 LIFE INSURANCE SALES
November 27, 2024 by Sheryl J. Moore
All Universal Life
Sales for the third quarter of 2024 were $1,132 million. Third quarter universal life sales were down less than 1% when compared to the previous quarter. Given that this is the third quarter that Wink has collected data on sales of all universal life insurance products, additional comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products.
Total 3Q2024 all universal life sales were $1,132,579,744.
Non-Variable UL
Sales for the third quarter of 2024 were $847 million, compared with sales of $774 million for the third quarter of 2023. Third quarter non-variable universal life sales were up less than 1% when compared to the previous quarter and up nearly 10% as compared to the same period last year. Non-variable universal life (UL) products include fixed UL and indexed UL products.
Total 3Q2024 non-variable universal life sales were $847,860,892.
Universal Life
Sales for the third quarter of 2024 were $100 million, compared with sales of $86 million for the third quarter of 2023. Third quarter universal life sales were down less than 1% when compared with the previous quarter and up more than 15% as compared to the same period last year.
Total 3Q2024 universal life sales were $100,022,328.
Primary Pricing Objective:
39.5% of sales were through products with the primary pricing objective of No Lapse Guarantee.
AVERAGE TARGET PREMIUM:
The average target premium paid was $7,757 an increase of nearly 13% from the prior quarter.
Indexed Life
Sales for the third quarter of 2024 were $748 million, compared with sales of $687 million for the third quarter of 2023. Third quarter indexed life sales were up less than 1% when compared with the previous quarter, and up nearly 9% as compared to the same period last year.
Total 3Q2024 indexed life sales were $748,864,108.
THE TOP FIVE INDEXED LIFE CARRIERS:
- National Life Group
- Transamerica
- Pacific Life Companies
- Nationwide
- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- Pacific Life Pacific Horizon IUL 2
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Career- Transamerica Life Financial Foundation IUL
Direct Response- American General Life Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
National Broker Dealer- Nationwide
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Primary Pricing objective:
71.7% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $13,156, an increase of 22% from the prior quarter.
Variable Universal Life
Sales for the third quarter of 2024 were $284 million. Third quarter variable universal life sales were down more than 2% when compared with the previous quarter. Given that this is the third quarter that Wink has collected data on variable universal life sales, additional comparisons will be available in future quarters.
Total 3Q2024 variable universal life sales were $284,718,852.
THE TOP FIVE Variable Universal LIFE CARRIERS:
- Prudential
- Pacific Life Companies
- RiverSource Life
- John Hancock
- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life VUL Protector
Bank- Pacific Life Pacific Admiral VUL
Registered Investment Advisor- Nationwide Nationwide Advisory VUL
National Broker Dealer- Protective Life Strategic Objectives VUL II
Independent Broker Dealer- Ameritas Life Ameritas Advisor ClearEdge VUL
Career- RiverSource Life RiverSource VUL 6
Independent Agent- Pruco Life VUL Protector
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Registered Investment Advisor- Nationwide
National Broker Dealer- Nationwide
Independent Broker Dealer- Ameritas
Career- Prudential
Independent Agent- Prudential
Primary Pricing objective:
54.5% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $20,001, a decline of nearly 2% from the prior quarter.
Whole Life
Sales for the third quarter of 2024 were $1,008 million, compared with sales of $1,016 million for the third quarter of 2023. Third quarter whole life sales were down nearly 7% when compared with the previous quarter, and down less than 1% as compared to the same period last year.
Total 3Q2024 whole life sales were $1,008,777,348.
primary pricing objective:
56.1% percent of sales were through products with a primary pricing objective of Final Expense.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was $3,655, an increase of more than 4% from the prior quarter.
Term Life
Sales for the third quarter of 2024 were $602 million. Third quarter term life sales were down more than 7% when compared with the previous quarter. Given that this is the third quarter that Wink has collected data on term life sales, additional comparisons will be available in future quarters.
Total 3Q2024 term life sales were $602,323,294.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was $2,412, a decline of more than 19% from the previous quarter.
