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  • SECOND QUARTER 2020 LIFE INSURANCE SALES

    August 31, 2020 by Sheryl J. Moore

    Non-Variable UL

    Sales for the second quarter of 2020 were $642 million, compared with sales of $886 million for the second quarter of 2019. Second quarter non-variable life sales were down nearly 17% when compared to the previous quarter and down nearly 28% as compared to the same period last year.

    Indexed Life

    Sales for the second quarter of 2020 were $494 million, compared with sales of $577 million for the second quarter of 2019. Second quarter indexed life sales were down more than 6% when compared with the previous quarter, and down more than 14% as compared to the same period last year.

     

    Total 2Q2020 indexed life sales were $494,933,023.

     

     

    THE TOP FIVE INDEXED LIFE CARRIERS FOR THE SeCOND QUARTER OF 2020:

    1. Pacific Life Companies
    2. National Life Group
    3. Transamerica
    4. John Hancock
    5. Nationwide

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $10,716, an increase of more than 15% from the prior quarter.

     

    Primary Pricing objective:

    Precisely 69% of sales were through products with a primary pricing objective of Cash Accumulation.

     

    2nd QUARTER LEADERS BY CHANNEL:
    Bank- John Hancock

    Career- Equitable Financial

    Direct Response- AIG

    Independent Agent- Pacific Life Companies

    Independent Broker Dealer- Protective Life Companies

    National Broker Dealer- Nationwide

    RIA- N/A

     

    2nd QUARTER TOP SELLING PRODUCTS BY CHANNEL: 
    Overall- Pacific Life Pacific Discovery Xelerator IUL 2

    Bank- Pacific Life Pacific Discovery Xelerator IUL 2

    Career- Farm Bureau Life Foundations Indexed UL

    Direct Response- American General Life Protection Extend IUL

    Independent Agent- Transamerica Premier Financial Foundation IUL

    Independent Broker Dealer- Protective Life Protective Indexed Choice UL

    National Broker Dealer- Nationwide Nationwide IUL Accumulator II

    RIA Distribution – N/A

     

     

    Universal Life

    Sales for the second quarter of 2020 were $147 million, compared with sales of $310 million for the second quarter of 2019. Second quarter universal life sales were down nearly 40% when compared with the previous quarter and down more than 52% as compared to the same period last year.

     

    Total 2Q2020 universal life sales were $147,523,213.

     

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $5,830, a decline of more than 9% from the prior quarter.

     

    PRIMARY PRICING OBJECTIVE:

    Nearly 66% of sales were through products with a primary pricing objective of No Lapse Guarantee.

     

     

    Whole Life

    Sales for the second quarter of 2020 were $930 million, compared with sales of $1,179 million for the second quarter of 2019. Second quarter whole life sales were down more than 10% when compared with the previous quarter, and down more than 21% as compared to the same period last year.

     

    Total 2Q2020 whole life sales were $930,991,458.

     

     

    AVERAGE ANNUAL PREMIUM:
    The average annual whole life premium per policy reported for the quarter was $3,823, a decline of nearly 9% from the prior quarter.

     

    PRIMARY PRICING OBJECTIVE:

    Nearly 62% of sales were through products with a primary pricing objective of Final Expense.

     

    Categories: Sheryl's Blogs
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