SECOND QUARTER 2021 LIFE INSURANCE SALES
October 5, 2021 by Sheryl J. Moore
Non-Variable UL
Sales for the second quarter of 2021 were $779 million, compared with sales of $659 million for the second quarter of 2020. Second quarter non-variable life sales were up nearly 20% when compared to the previous quarter and up more than 18% as compared to the same period last year.
Total 2Q21 non-variable universal life sales were $779,272,859
Indexed Life
Sales for the second quarter of 2021 were $627 million, compared with sales of $508 million for the second quarter of 2020. Second quarter indexed life sales were up more than 18% when compared with the previous quarter, and up more than 23% as compared to the same period last year.
Total 2Q2021 indexed life sales were $627,575,622.
THE TOP FIVE INDEXED LIFE CARRIERS FOR THE SECOND QUARTER OF 2021:
- National Life Group
- Transamerica
- Pacific Life Companies
- John Hancock
- Nationwide
AVERAGE TARGET PREMIUM:
The average target premium paid was $11,142; a decline of more than 9% from the prior quarter.
Primary Pricing objective:
Nearly 74% of sales were through products with a primary pricing objective of Cash Accumulation.
2nd 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
2nd QUARTER TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life Transamerica Foundation IUL
Bank- John Hancock Life Protection IUL
Career- Farm Bureau Life Foundations Indexed UL
Direct Response- American General Life’s Protection Extend IUL
Independent Agent- Transamerica Life Transamerica Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Universal Life
Sales for the second quarter of 2021 were $151 million, compared with sales of $151 million for the second quarter of 2020. Second quarter universal life sales were up nearly 27% when compared with the previous quarter and up less than 1% as compared to the same period last year.
Total 2Q2021 universal life sales were $151,963,269
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,046; an increase of less than 1% 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 second quarter of 2021 were $1,165 million, compared with sales of $932 million for the second quarter of 2020. Second quarter whole life sales were up nearly 8% when compared with the previous quarter, and up nearly 25% as compared to the same period last year.
Total 2Q2021 whole life sales were $1,165,053,047
AVERAGE Annual Premium:
The average annual whole life premium per policy reported for the $3,465, an increase of nearly 30% from the prior quarter.
primary pricing objective:
Fifty-five percent of sales were through products with a primary pricing objective of Final Expense.