Term Life Premium Up 8%, Offsetting Tough 1Q: LIMRA
June 2, 2020 by John Hilton
Term life insurance new premium rose 8% in the first quarter, with 40% of term life writers reporting double-digit increases, according to LIMRA data.
The term premium increase is the highest since the second quarter 2007, according to LIMRA’s First Quarter 2020 U.S. Individual Life Insurance Sales Survey. Sixty percent of term life writers reported positive growth.
LIMRA attributed some of term’s success to online access and tools that helped with sales to homebound consumers. Other life products did not fare as well but that was not unexpected because of a late 2019 sales push before a new CSO table took effect.