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  • FIRST QUARTER 2021 LIFE INSURANCE SALES

    July 13, 2021 by Sheryl J. Moore

    Non-Variable UL

    Sales for the first quarter of 2021 were $649 million, compared with sales of $770 million for the first quarter of 2020. First quarter non-variable life sales were down more than 12% when compared to the previous quarter and down nearly 16% as compared to the same period last year.

     

    Total 1Q21 non-variable universal life sales were $649,886,405.

     

    Indexed Life

    Sales for the first quarter of 2021 were $530 million, compared with sales of $526 million for the first quarter of 2020. First quarter indexed life sales were down nearly 15% when compared with the previous quarter, and up nearly 1% as compared to the same period last year.

     

    Total 1Q2021 indexed life sales were $530,624,958.

     

     

     

    THE TOP FIVE INDEXED LIFE CARRIERS FOR THE FIRST QUARTER OF 2021:

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

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $12,279, a decline of more than 2% from the prior quarter.

     

    Primary Pricing objective:

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

     

    1st QUARTER LEADERS BY CHANNEL:
    Bank- John Hancock

    Career- Ameritas

    Direct Response- AIG

    Independent Agent- National Life Group

    Independent Broker Dealer- Protective Life Companies

    National Broker Dealer- Nationwide

    RIA- N/A

     

     

    1st QUARTER TOP SELLING PRODUCTS BY CHANNEL: 
    Overall- Allianz Life Allianz Life Pro+ Advantage

    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- Allianz Life Allianz Life Pro+ Advantage

    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 first quarter of 2021 were $119 million, compared with sales of $244 million for the first quarter of 2020. First quarter universal life sales were up nearly 1% when compared with the previous quarter and down nearly 51% as compared to the same period last year.

     

    Total 1Q2021 universal life sales were $119,735,665.

     

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $5,021, a decline of more than 6% from the prior quarter.

     

     

    Primary Pricing Objective:

    More than forty-one percent of sales were through products with a primary pricing objective of No Lapse Guarantee.

     

     

    Whole Life

    Sales for the first quarter of 2021 were $1,081 million, compared with sales of $1,038 million for the first quarter of 2020. First quarter whole life sales were up nearly 5% when compared with the previous quarter, and up more than 4% as compared to the same period last year.

     

    Total 1Q2021 whole life sales were $1,081,865,015.

     

     

    AVERAGE Annual Premium:
    The average annual whole life premium per policy reported for the quarter $2,675, a decline of more than 25% from the prior quarter.

     

    primary pricing objective:

    Nearly fifty-five percent of sales were through products with a primary pricing objective of Final Expense.

     

     

     

    -Sjm

     

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