Sales of non-variable universal life insurance for the second quarter were $ 779.2 million, up 19.9% from the previous quarter and 18.1% from the same period last year. last year, according to Wink’s Sales and Market Report.
Non-variable universal life insurance sales include both indexed universal life insurance product sales and fixed universal life insurance products.
Highlights of total non-variable universal life insurance sales in the second quarter included National Life Group, which ranked first in overall non-variable universal life insurance sales, with a market share of 13 , 7%. The Transamerica Life Foundation’s IUL was the # 1 selling product for non-variable universal life insurance sales across all channels.
Second quarter indexed life insurance sales were $ 627.5 million, up 18.2% from the previous quarter and 23.4% year over year latest. Indexed life insurance sales include both indexed universal life insurance and indexed whole life insurance.
“Life insurance sales have increased everywhere! In fact, this was the best quarter for indexed life insurance sales since the record quarter of 4Q 2019, ”said Sheryl J. Moore, CEO of Wink, Inc. and Moore Market Intelligence.
Some of the topics of interest in the indexed life insurance market include National Life Group which ranked number one in indexed life insurance sales, with a market share of 16.9%. Transamerica, Pacific Life Companies, John Hancock and Nationwide respectively round out the top five.
Transamerica Life’s Transamerica Foundation LII was the top-selling indexed life insurance product across all channels. The main price target for sales this quarter was cash accumulation, accounting for 73.9% of sales. The average indexed life insurance target premium for the quarter was $ 11,142; a decrease of more than 9% compared to the previous quarter.
Fixed UL sales for the second quarter were $ 151.9 million, up 26.9% from the prior quarter and 0.4% from the same period last year.
Among the notable highlights of fixed universal life insurance in the second quarter was the highest price target for the no-maturity guarantee, accounting for 41.3% of sales. The average target LCV premium for the quarter was $ 5,046, an increase of less than 1% from the previous quarter.
Whole life insurance sales in the second quarter were $ 1.1 billion, up 7.6% from the previous quarter and 24.9% from the same period last year. Items of interest in the whole life insurance market included the highest final expense price target accounting for 55% of sales.
The average premium per whole life policy for the quarter was $ 3,465, an increase of almost 30% from the previous quarter.
Each of the top 13 whole life insurance sellers had increased in the previous quarter, as well as over the same period last year. Like IUL, this was the strongest quarter for sales of whole life. ‘whole life insurance since the record of 4th quarter 2019,’ said Moore.
Wink currently reports product sales for indexed universal life, indexed whole life, universal life, whole life, and all lines of deferred annuities. Sales reports on additional product lines will follow in the future, Moore said.