Life Insurance Sales Strong Across Product Lines In 2Q, Wink Reports

Non-variable universal life sales for the second quarter were $779.2 million, up 19.9% when compared to the previous quarter and up 18.1% as compared to the same period last year, according to Wink’s Sales & Market Report.

Non-variable universal life sales include both indexed UL and fixed UL product sales.

Noteworthy highlights for total non-variable universal life sales in the second quarter included National Life Group gaining the No. 1 overall sales ranking for non-variable universal life sales, with a market share of 13.7%. Transamerica Life’s Transamerica Foundation IUL was the No. 1 selling product for non-variable universal life sales, for all channels combined.

Indexed life sales for the second quarter were $627.5 million, up 18.2% when compared with the previous quarter, and up 23.4% as compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life.

“Life insurance sales were up across-the-board! In fact, it was the greatest quarter for indexed life sales, since 4Q 2019’s record-setting quarter,” explained Sheryl J. Moore, CEO of Wink, Inc. and Moore Market Intelligence.

Items of interest in the indexed life market included National Life Group gaining the No. 1 ranking in indexed life sales, with a 16.9% market share. Transamerica, Pacific Life Companies, John Hancock, and Nationwide rounded out the top five, respectively.

Transamerica Life’s Transamerica Foundation IUL was the No. 1 selling indexed life insurance product, for all channels combined. The top pricing objective for sales this quarter was Cash Accumulation, capturing 73.9% of sales. The average indexed life target premium for the quarter was $11,142; a decline of more than 9% from the prior quarter.

Fixed UL sales for the second quarter were $151.9 million, up 26.9% when compared to the previous quarter and up 0.4% as compared to the same period last year.

Noteworthy highlights for fixed universal life in the second quarter included the top pricing objective of No Lapse Guarantee capturing 41.3% of sales. The average UL target premium for the quarter was $5,046, an increase of less than 1% from the prior quarter.

Whole life second quarter sales were $1.1 billion, up 7.6% when compared with the previous quarter, and up 24.9% as compared to the same period last year. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 55% of sales.

The average premium per whole life policy for the quarter was $3,465, an increase of nearly 30% from the prior quarter.

“Every single one of the top 13 sellers of whole life had increased over the previous quarter, as well as the same period last year. Like IUL, this is the strongest quarter for whole life sales since 4Q 2019’s record,” Moore said.

Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on additional product lines will follow in the future, Moore said.