Number of New U.S. Individual Life Policies Sold Rises: LIMRA
March 23, 2021 by Allison Bell
U.S. consumers got more individual life insurance for less money in the fourth quarter of 2020, according to new insurer survey results from LIMRA.
LIMRA found that insurers sold 2% more individual life policies in the latest quarter than in the year-earlier quarter. The total amount of coverage purchased increased 1%, but total new annualized premiums fell 8%.
Consumers ended up with about 10% more death benefit coverage per premium dollar.
LIMRA bases its quarterly life sales figures on data from insurers that account for about 80% of the U.S. individual life market.