August 26, 2011
By: Bruce Berry
More individuals purchased life insurance in the first half of 2011 compared to the same period last year, according to a new report issued by the Life Insurance Market Research Association.
However, Ashley Durham, senior analyst for LIMRA, said sales have dipped rather significantly when comparing the first and second quarter.
"Overall, individual life insurance sales slowed from first quarter, but still remained positive, with premium and policy count up 1 percent compared with second quarter 2010," said Durham. "Part of the slowdown in growth is a reflection of a few companies moving away from lifetime death benefit guarantee universal life products."
Among three types of life insurance policies - whole, universal and variable - sales increased, with universal life registering the biggest jump at 14 percent. The only product offering that fell was term life, dropping 8 percent when juxtaposing the first half of 2011 with 2010.
While many individuals buy life insurance on their own, LIMRA says approximately 56 percent of policyholders are covered through their employer.
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