THIRD QUARTER 2020 LIFE INSURANCE SALES
November 30, 2020 by Sheryl J. Moore
Non-Variable UL
Sales for the third quarter of 2020 were $624 million, compared with sales of $841 million for the third quarter of 2019. Third quarter non-variable life sales were down more than 5% when compared to the previous quarter and down nearly 26% as compared to the same period last year.
Indexed Life
Sales for the third quarter of 2020 were $503 million, compared with sales of $554 million for the third quarter of 2019. Third quarter indexed life sales were down nearly 1% when compared with the previous quarter, and down more than 9% as compared to the same period last year.
Total 3Q2020 indexed life sales were $503,531,991.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE THIRD QUARTER OF 2020:
1. National Life Group
2. Pacific Life Companies
3. Transamerica
4. John Hancock
5. Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $10,920, an increase of nearly 2% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 67% of sales were through products with a primary pricing objective of Cash Accumulation.
3RD QUARTER LEADERS BY CHANNEL:
Bank- John Hancock
Career- National Life Group
Direct Response- AIG
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life Companies
National Broker Dealer- Nationwide
RIA- N/A
3RD QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall-Transamerica Premier Financial Foundation IUL
Bank- Pacific Life Pacific Discovery Xelerator IUL 2
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life Value+ Protector
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 third quarter of 2020 were $121 million, compared with sales of $287 million for the third quarter of 2019. Third quarter universal life sales were down nearly 20% when compared with the previous quarter and down nearly 58% as compared to the same period last year.
Total 3Q2020 universal life sales were $121,745,539.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,066, a decline of more than 13% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Over 54% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the third quarter of 2020 were $1,053 million, compared with sales of $1,173 million for the third quarter of 2019. Third quarter whole life sales were up nearly 13% when compared with the previous quarter, and down more than 10% as compared to the same period last year.
Total 3Q2020 whole life sales were $1,053,297,647.
AVERAGE ANNUAL PREMIUM:
The average annual whole life premium per policy reported for the quarter was $3,700, a decline of more than 3% from the prior quarter.
PRIMARY PRICING OBJECTIVE:
Nearly 58% of sales were through products with a primary pricing objective of Final Expense.
