Traditional universal life is withering on the vine, says Wink CEO
June 7, 2022 by John Hilton
As traditional universal life insurance sales continue to plummet thanks to low interest rates and carriers exiting the business, “it is heartbreaking to see a product wither on the vine, the way traditional UL has,” said Sheryl Moore, president and CEO of Wink, Inc.
Fixed UL sales for the first quarter were $107.4 million, down 21.4% compared to the previous quarter and down 10.9% as compared to the same period last year, according to Wink’s Sales and Market Report.
Moore bemoaned the declining sales of traditional fixed UL.
Wink’s Note: This comment is not intended to besiege those selling traditional Universal Life (UL).
It is heartbreaking for me to see this product continually be challenged from a sales standpoint. I helped with the development of the most competitive GUL product ever, and therefore have an affinity for UL.
Between the reserving requirements and the low interest rate environment, the product line barely stands a chance of surviving. -sjm