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  • FOURTH QUARTER 2020 LIFE INSURANCE SALES

    May 25, 2021 by Sheryl J. Moore

    Non-Variable UL

    Sales for the fourth quarter of 2020 were $740 million, compared with sales of $1,076 million for the fourth quarter of 2019. Fourth quarter non-variable life sales were up more than 18% when compared to the previous quarter and down more than 31% as compared to the same period last year. Sales of non-variable UL for 2020 were $2,794 million, a decline of more than 22%.

     

     

    Indexed Life

    Sales for the fourth quarter of 2020 were $621 million, compared with sales of $725 million for the fourth quarter of 2019. Fourth quarter indexed life sales were up more than 23% when compared with the previous quarter, and down more than 14% as compared to the same period last year.

     

    Total 4Q2020 indexed life sales were $621,316,309.

    Total 2020 indexed life sales were $2,160,309,118.

     

     

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

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

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $12,551, an increase of nearly 15% from the prior quarter.

     

    Primary Pricing objective:

    Seventy-one percent of sales were through products with a primary pricing objective of Cash Accumulation.

     

    4th QUARTER LEADERS BY CHANNEL:
    Bank- John Hancock

    Career- National Life Group

    Direct Response- AIG

    Independent Agent- Pacific Life Companies

    Independent Broker Dealer- Protective Life Companies

    National Broker Dealer- Nationwide

    RIA- N/A

     

     

    4th QUARTER TOP SELLING PRODUCTS BY CHANNEL: 
    Overall-Transamerica’s Transamerica Financial Foundation IUL

    Bank- Pacific Life’s Pacific Discovery Xelerator IUL 2

    Career- Ameritas’ Ameritas Growth Index Universal Life

    Direct Response- American General Life’s Protection Extend IUL

    Independent Agent- Transamerica’s Transamerica Financial Foundation IUL

    Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL

    National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020(?)

    RIA Distribution – N/A

     

     

    Universal Life

    Sales for the fourth quarter of 2020 were $118 million, compared with sales of $351 million for the fourth quarter of 2019. Fourth quarter universal life sales were down more than 2% when compared with the previous quarter and down more than 66% as compared to the same period last year.

     

    Total 4Q2020 universal life sales were $118,969,732.

    Total 2020 universal life sales were $636,178,355.

     

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $5,359, an increase of nearly 6% from the prior quarter.

     

    Primary Pricing Objective:

    Forty-five percent of sales were through products with a primary pricing objective of No Lapse Guarantee.

     

     

    Whole Life

    Sales for the fourth quarter of 2020 were $1,035 million, compared with sales of $1,455 million for the fourth quarter of 2019. Fourth quarter whole life sales were down nearly 2% when compared with the previous quarter, and down nearly 29% as compared to the same period last year.

     

    Total 4Q2020 whole life sales were $1,035,281,647.

    Total 2020 whole life sales were $4,060,282,549.

     

     

    AVERAGE ANNUAL PREMIUM:
    The average annual whole life premium per policy reported for the quarter $3,571, a decline of more than 3% from the prior quarter.

     

    PRIMARY PRICING OBJECTIVE:

    Fifty percent of sales were through products with a primary pricing objective of Final Expense.

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