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  • THIRD QUARTER 2021 LIFE INSURANCE SALES

    December 10, 2021 by Sheryl J. Moore

    Non-Variable UL

    Sales for the third quarter of 2021 were $724 million, compared with sales of $624 million for the third quarter of 2020. Third quarter non-variable life sales were down more than 5% when compared to the previous quarter and up nearly 16% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.

     

    Total 3Q21 non-variable universal life sales were $724,401,705.

     

     

     

    Indexed Life

    Sales for the third quarter of 2021 were $609 million, compared with sales of $503 million for the third

    quarter of 2020. Third quarter indexed life sales were down more than 2% when compared with the previous quarter, and up 21% as compared to the same period last year.

     

    Total 3Q2021 indexed life sales were $609,385,852.

     

     

     

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

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

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid $11,267; an increase of more than 1% from the prior quarter.

     

    Primary Pricing objective:

    More than 75% 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

     

     

    3rd 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 Value+ Protector II

    Independent Agent- Transamerica Life Transamerica Foundation IUL

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

    National Broker Dealer- Nationwide’s Nationwide New Heights IUL Accumulator 2020

     

     

    Universal Life

    Sales for the third quarter of 2021 were $115 million, compared with sales of $121 million for the third quarter of 2020. Third quarter universal life sales were down more than 19% when compared with the previous quarter and down more than 5% as compared to the same period last year.

     

    Total 3Q2021 universal life sales were $115,305,607.

     

     

    AVERAGE TARGET PREMIUM:
    The average target premium paid was $5,368; an increase of nearly 6% from the prior quarter.

     

    Primary Pricing Objective:

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

     

     

     

    Whole Life

    Sales for the third quarter of 2021 were $1,094 million, compared with sales of $1,053 million for the third quarter of 2020. Third quarter whole life sales were down 6% when compared with the previous quarter, and up nearly 4% as compared to the same period last year.

     

    Total 3Q2021 whole life sales were $1,094,661,995.

     

     

    AVERAGE Annual Premium:
    The average annual whole life premium per policy reported for the $3,105, a decline of more than 10% from the prior quarter.

     

    primary pricing objective:

    More than Fifty-eight percent of sales were through products with a primary pricing objective of Final Expense.

     

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