By Karla Sullivan
In the first nine months of 2013, individual life insurance premium improved 4 percent resulting in a 6 percent increase according to LIMRA’s individual Life Insurance Sales Survey.
“While every other product line experienced positive growth in the third quarter, universal life sales were hampered by sustained low interest rates, a volatile investment environment and increased reserve requirements introduced in 2013,” said Ashley Durham, senior analyst, LIMRA Insurance Research. “We anticipate universal life sales to continue to decline through the fourth quarter.” Term life grew 5 percent in the third quarter, improving 4 percent year to date.
New York Life, America’s largest mutual life insurer, today announced very strong third quarter gains in sales of life insurance, annuities and mutual funds, as well as a solid increase in agent new hires in the first nine months of 2013. New York Life agents recorded a 10 percent increase in sales of recurring premium whole life insurance and an 11 percent increase in total annuity sales compared with the first nine months of 2012.
Nationwide, a member-driven mutual insurance company, grew its total operating revenue 7 percent to $17.7 billion for the first nine months of 2013. Growth was driven by strategic investments, favorable market conditions and strong demand across the financial services and property & casualty (P&C) businesses.
Life insurance sales for Penn Mutual as of September 30, 2013 were $107.5 million, 3% higher than the same period in 2012 due to increased whole life and fixed universal life sales. Our sales results reflect our continued focus on the complete value of life insurance during and across a client’s life stages. The results were also influenced by the investments that the company has made in our distribution channels, a full complement of life insurance products, and effective marketing programs.
Having life insurance is key to making sure that loved ones will be taken care of financially. Factors such as age, health and dependents need to be taken into account when selecting a plan to ensure that necessary coverage will be provided.