New individual life premium hits record-setting $17.5B in 2025

WINDSOR, Conn. — Total new annualized premium exceeded $17.5 billion in 2025, up 10% year over year, according to LIMRA’s individual life insurance sales survey. Individual life insurance new premium has set records for four of the past five years, including 2025. The number of policies sold rose 7% for the year.

In the fourth quarter of 2025, new annualized premium totaled $4.9 billion, up 6% over the prior year. Policy count rose 9% in the fourth quarter.

“It was an exceptional year for individual life insurance with indexed and variable universal life products posting double-digit premium growth,” said Sean Grindall, senior vice president and chief member relations and solutions officer, LIMRA and LOMA. “LIMRA predicts more measured sales growth in 2026, as softening economic conditions impact the profitability of interest-sensitive and market-linked product lines. We expect the most successful carriers will be those that broaden their product portfolios to better manage increasing economic volatility and meet the rising need of middle-income and mass-affluent consumers.”

Indexed universal life

Indexed universal life (IUL) set quarterly and annual sales records. In the fourth quarter, IUL new annualized premium was $1.3 billion, up 12% year over year. IUL policy count jumped 13% in the fourth quarter.

“Broader distribution, enhanced products and a strong equity market all contributed to the IUL growth in the fourth quarter and in 2025,” said Karen Terry, corporate vice president and head of LIMRA Insurance Research. “Despite a weaker economy, LIMRA is forecasting double-digit IUL sales growth in 2026, supported by the increased distribution reach as additional products become available.”

For the year, IUL new premium totaled a record-high $4.5 billion, 17% higher than 2024 results. Policy sales increased 8% over 2024 levels.

IUL new premium represented 25% of the total U.S. life insurance market in 2025.

Whole life

Driven by final expense product sales, total whole life (WL) premium and policy count posted positive growth for the fifth consecutive quarter. WL new premium totaled $1.8 billion in the fourth quarter, up 9% year over year. The number of WL policies sold increased 13% in the quarter.

“LIMRA’s latest Consumer Sentiment survey finds half of U.S. adults are very worried about the economy and lower-income consumers registering higher concern. In 2025, we witnessed a number of companies expanded their final expense and smaller-face amount business to attract more middle-market consumers,” noted Terry. “Typically, our data shows consumers are drawn to stable products, like whole life, when faced with economic instability. As a result of this and a continued increase in the final expense market.”

In 2025, WL new premium climbed 7% to $6.4 billion. This sets a new sales record for whole life insurance products. Policy count grew 12% year over year.

WL new premium represented 37% of the total life insurance market in 2025.

Variable universal life

Variable universal life (VUL) new premium totaled $770 million in the fourth quarter, down 3%, compared with the fourth quarter 2024 results. The number of policies sold grew 6% in the quarter.

For the year, VUL new premium totaled $2.6 billion, up 17% year over year. Policy count improved 5%. LIMRA is projecting VUL sales to moderate in 2026, in response to expected equity market volatility.

In 2025, VUL held 15% of the total U.S. individual life insurance market.

Term life insurance

Term life new premium totaled $786 million, 5% above fourth quarter 2024 results. Policy count increased 5% in the quarter. Several carriers attribute their growth to rising consumer interest, underwriting automation and expanded distribution.

In 2025, term new premium increased 3% year over year to $3.1 billion. The number of policies sold grew 2%, compared with 2024 results. LIMRA is forecasting term sales growth to remain relatively flat in 2026.

Term life new premium represented 17% of total sales in 2025.

Fixed universal life

Fixed universal life (fixed UL) sales fell for the fifth consecutive quarter. New fixed UL premium contracted 3% in the fourth quarter to $259 million. Policy count fell 4% from the prior year results.

For the year, fixed UL new premium was $984 million, down 4% year over year, and policy count dropped 6%. Fixed UL new premium held 6% of the U.S. life insurance market in 2025.

For more details on the sales results, go to Life Insurance Sales Growth Rates (2025 Fourth Quarter) in LIMRA’s Fact Tank.

• To view the top 20 sales rankings of total U.S. life insurance by new annualized premium, total premium, and policy sales in 2025, see U.S. Individual Life Insurance – Total New Life Insurance Sales (Full-Year 2025).
• To view the top 20 rankings of whole life insurance sales leaders, visit U.S. Individual Life Insurance – Whole Life Sales (Full-Year 2025).
• To view the top 20 rankings of term life insurance sales leaders, visit U.S. Individual Life Insurance – Term Life Sales (Full-Year 2025).
• To view the top 20 rankings of variable universal life insurance sales leaders, visit U.S. Individual Life Insurance – Variable Universal Life Insurance Sales (Year-End 2025).
• To view the top 20 rankings of indexed universal life insurance sales leaders, visit U.S. Individual Life Insurance – Indexed Universal Life Sales (Full-Year 2025).
• To view the top 20 rankings of fixed universal life insurance sales leaders, visit U.S. Individual Life Insurance – Fixed Universal Life Sales (Full-Year 2025).

LIMRA’s Retail Individual Life Insurance Sales Survey represents 85% of the U.S. life insurance market.