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:
- Pacific Life Companies
- National Life Group
- Transamerica
- John Hancock
- 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.
