Life insurance premium jumps 10% in 1Q

WINDSOR, Conn., May 6, 2026 —Total U.S. individual life insurance new annualized premium plus excess jumped 10% year over year to $4.5 billion in the first quarter of 2026, according to LIMRA’s preliminary U.S. Life Insurance Sales Survey.

The total number of policies sold also improved 9% in the first quarter.

“Following record sales in 2025, the individual life insurance market performance remained strong, posting double-digit premium growth in the first quarter. Every product line except fixed UL marked positive gains in premium and all product lines experienced policy sales growth,” said Sean Grindall, senior vice president and chief member relations and solutions officer, LIMRA and LOMA. “Although a third of consumers are very/extremely worried about their individual finances and a majority are very/extremely concerned about the economy in general, demand for life insurance has not waned. It is important that we continue to leverage digital advances to make it easier for today’s consumer to learn about and buy the life insurance they need to protect their loved ones.”

Indexed universal life

First quarter of 2026 indexed universal life (IUL) new annualized premium plus excess was $1.1 billion, 14% higher than results from prior year. Policy count increased 8% year over year. Six of the top 10 IUL carriers reported double-digit growth. IUL represented 25% of the total new annualized premium plus excess in the first quarter.

Variable universal life

Variable universal life (VUL) new annualized premium plus excess increased 12% in the first quarter to $729 million. The majority of VUL carriers reported gains with nearly half reporting double-digit growth. Policy count rose 4% compared with first quarter of 2025. VUL premium held 16% of the total U.S. life insurance market in the first quarter.

Whole life

Whole life new annualized premium plus excess totaled $1.6 billion in the first quarter, up 9% from prior year’s result. The number of whole life policies sold increased 13% in the first quarter, compared with first quarter of 2025. Whole life remains the dominant product in the U.S. market, representing 36% of the total new annualized premium plus excess sold in the first quarter.

“Final expense continued to be the main driver of WL growth,” said Karen Terry, corporate vice president and head of LIMRA Insurance Research. “While distribution capacity continues to increase in the final expense and instant/express market, many traditional WL carriers are seeing flat to negative growth, as recent success in the equity markets push many toward products more market related growth potential."

Term life

Term new annualized premium plus excess rose 9% in the first quarter to $788 million in the first quarter of 2026. Policy count grew 5% for the quarter. Growth likely reflects continued digital platform and underwriting expansion, improved agent productivity and product enhancements. In the first quarter, term new annualized premium plus excess held a 18% share of the total U.S. individual life insurance market.

Fixed universal life

For the sixth consecutive quarter, fixed universal life (fixed UL) new premium fell. In the first quarter of 2026, fixed UL new annualized premium plus excess was $221 million, down 6% year over year. The number of policies sold, however, improved 5% from first quarter 2025 results, as four in 10 fixed UL carriers reported double-digit policy sales growth. Fixed UL new premium market share was 5%.

For more details on the sales results, go to Preliminary First Quarter 2026 U.S. Life Insurance Industry Estimates in LIMRA’s Fact Tank.

LIMRA’s Retail Individual Life Insurance Sales Survey represents 85% of the U.S. life insurance market. Since 1921, the U.S. life insurance industry has relied on LIMRA’s benchmark sales study for accurate data and trending insights.