Total individual life insurance in the US grew 4% in new annualized premium in 2011, resulting in the second consecutive year of growth. In the fourth quarter, life insurance premium rose 2%.
“For the second year in a row, strong whole life sales propelled overall individual life insurance sales growth,” said Ashley Durham, senior analyst, LIMRA Product Research. “With the economy continuing to struggle, consumers are attracted to the premium and cash-value guarantees along with lifetime coverage, which whole life offers.”
Overall in 2011, companies issued 2% more individual life policies than they had in 2010. This is only the fourth time policy sales have increased in the past 30 years. In the fourth quarter, total policy count inched up 1%.
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