FOURTH QUARTER 2024 LIFE INSURANCE SALES
March 12, 2025 by Sheryl J. Moore
All Universal Life
Sales for the fourth quarter of 2024 were $1,329 million. Fourth quarter universal life sales were up more than 17% when compared to the previous quarter. Given that this is the fourth quarter that Wink has collected data on sales of all universal life insurance products, additional comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products.
Total 4Q2024 all universal life sales were $1,329,718,937.
Total 2024 all universal life sales were $4,635,981,119.
Non-Variable UL
Sales for the fourth quarter of 2024 were $954 million, compared with sales of $890 million for the fourth quarter of 2023. Fourth quarter non-variable universal life sales were up nearly 13% when compared to the previous quarter and up more than 7% as compared to the same period last year. Non-variable universal life (UL) products include fixed UL and indexed UL products.
Total 4Q2024 non-variable universal life sales were $954,932,288.
Total 2024 non-variable universal life sales were $3,423,191,614.
Universal Life
Sales for the fourth quarter of 2024 were $88 million, compared with sales of $95 million for the fourth quarter of 2023. Fourth quarter universal life sales were down more than 11% when compared with the previous quarter and down more than 7% as compared to the same period last year.
Total 4Q2024 universal life sales were $88,957,158.
Total 2024 universal life sales were $383,058,743.
Primary Pricing Objective:
37.7% of sales were through products with the primary pricing objective of No Lapse Guarantee.
AVERAGE TARGET PREMIUM:
The average target premium paid was $6,664, a decline of more than 14% from the prior quarter.
Indexed Life
Sales for the fourth quarter of 2024 were $868 million, compared with sales of $795 million for the fourth quarter of 2023. Fourth quarter indexed life sales were up nearly 16% when compared with the previous quarter, and up more than 9% as compared to the same period last year.
This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2023 record by 9.1%. This was also a record-setting year for indexed life sales, topping the prior 2023 record by 7.0%.
Total 4Q2024 indexed life sales were $868,348,494
Total 2024 indexed life sales were $3,044,117,049.
THE TOP FIVE INDEXED LIFE CARRIERS:
- National Life Group
- Pacific Life Companies
- Transamerica
- John Hancock
- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Life Insurance Company of the Southwest’s FlexLife
Bank- Pacific Life Pacific Horizon Survivorship IUL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Career- Life Insurance Company of the Southwest’s SummitLife
Direct Response- American General Life Protection Extend IUL
Independent Agent- Life Insurance Company of the Southwest’s FlexLife
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
National Broker Dealer- Nationwide
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Primary Pricing objective:
71.4% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $13,285, an increase of nearly 1% from the prior quarter.
Variable Universal Life
Sales for the fourth quarter of 2024 were $374 million. Fourth quarter variable universal life sales were up nearly 32% when compared with the previous quarter. Given that this is the fourth quarter that Wink has collected data on variable universal life sales, additional comparisons will be available in future quarters.
Total 4Q2024 variable universal life sales were $374,786,650.
Total 2024 variable universal life sales were $1,212,789,505.
THE TOP FIVE Variable Universal LIFE CARRIERS:
- Prudential
- Pacific Life Companies
- John Hancock
- RiverSource Life
- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life VUL Protector
Bank- Pacific Life Pacific Admiral VUL
Registered Investment Advisor- Nationwide Nationwide Survivorship VUL II
National Broker Dealer- Protective Life Strategic Objectives VUL II
Independent Broker Dealer- Ameritas Life Ameritas Advisor ClearEdge VUL
Career- RiverSource Life RiverSource VUL 6
Independent Agent- Pruco Life VUL Protector
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Registered Investment Advisor- Nationwide
National Broker Dealer- Nationwide
Independent Broker Dealer- Ameritas
Career- Prudential
Independent Agent- Prudential
Primary Pricing objective:
51.8% of sales were through products with a primary pricing objective of Cash Accumulation.
AVERAGE TARGET PREMIUM:
The average target premium reported for the quarter was $24,291, an increase of more than 21% from the prior quarter.
Whole Life
Sales for the fourth quarter of 2024 were $1,214 million, compared with sales of $1,162 million for the fourth quarter of 2023. Fourth quarter whole life sales were up more than 20% when compared with the previous quarter, and up nearly 5% as compared to the same period last year.
Total 4Q2024 whole life sales were $1,214,666,872
Total 2024 whole life sales were $ 4,321,894,995.
primary pricing objective:
59.9% percent of sales were through products with a primary pricing objective of Final Expense.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was 3,946, an increase of nearly 8% from the prior quarter.
Term Life
Sales for the fourth quarter of 2024 were $603 million. Fourth quarter term life sales were up less than 1% when compared with the previous quarter. Given that this is the fourth quarter that Wink has collected data on term life sales, additional comparisons will be available in future quarters.
Total 4Q2024 term life sales were $603,902,129.
Total 2024 term life sales were $2,465,786,306.
AVERAGE Annual Premium:
The average annual premium per policy reported for the quarter was $2,350, a decline of nearly 3% from the previous quarter.
