LIMRA: U.S. Life Insurance New Premium Tops $3.7 Billion in First Quarter 2024 (2024)

News Releases

6/4/2024

For the first time, LIMRA announces top 20 sales rankings for individual life insurance

WINDSOR, Conn., June 4, 2024 — Total U.S. individual life insurance new annualized premium fell 1% year over year to $3.73 billion in the first quarter, according to LIMRA’s U.S. Life Insurance Sales Survey.

The total number of policies sold in the first quarter of 2024 were level with prior year’s results.

“Given the dominant role the top 20 carriers have on the U.S. life insurance market (representing 65% of the total new premium), LIMRA believes transparency is important and has decided — for the first time — to begin publishing the top 20 life insurance sales leaders," said John Carroll, senior vice president, head of Life and Annuities, LIMRA and LOMA. "LIMRA has been publishing top 20 annuity sales rankings for the past decade, which has helped the broader industry stakeholders distinguish the key factors driving annuity market growth. Similarly, we expect knowing the life insurance sales leaders will help expand understanding about the market dynamics at play.”

Indexed Universal Life
In the first quarter 2024, indexed universal life (IUL) posted the largest growth year over year in absolute dollars, up 4% to $871 million. More than half of IUL carriers reported gains in the first quarter, including 7 of the top 10, which sold more than three quarters of the industry’s IUL premium. The number of policies sold jumped 13% in the first quarter, with a majority of carriers posting positive growth. IUL premium represented 23% of the total new annualized premium in the first quarter.

“Carriers that reported the strongest sales growth cited an increased sales force, rising demand for accumulation-focused products, and/or higher survivorship sales, due to the scheduled drop in the estate tax exemption amount next year,” said Karen Terry, assistant vice president and head of LIMRA Insurance Product Research. “Given the current economic environment, LIMRA is forecasting IUL sales to experience moderate growth in 2024 and 2025.”

Term Life
Term new premium rose 4% in the first quarter to $762 million with all of the top 10 carriers posting premium gains. Policy count grew 3% in the quarter. This is the fifth consecutive quarter of growth in both premium and policy sales. The sales increase is credited to the expansion of digital platforms and accelerated underwriting, additional distribution partners and product enhancements. In the first quarter, term new annualized premium held a 20% share of the total U.S. individual life insurance market.

Fixed Universal Life
For the third consecutive quarter, fixed universal life (fixed UL) new premium increased. In the first quarter. Fixed UL new premium was $247 million, up 6% year over year. While several companies reported an increase in their lifetime guarantee UL sales, the rise in fixed UL premium was mainly driven by hybrid life/long term care product sales. The number of fixed UL policies sold fell 4% from first quarter 2023 results. Fixed UL premium represented 7% of the total new annualized premium in the first quarter.

Media Contacts

Catherine Theroux

Director, Public Relations

Work Phone: (860) 285-7787

Mobile Phone: (703) 447-3257

ctheroux@limra.com

Brooke Lacey

Senior Public Relations Specialist

Work Phone: (860) 298-3920

Mobile Phone: (413) 530-6184

blacey@limra.com

Bailey Reed

Public Relations/Social Media Specialist

Work Phone: (770) 984-3788

breed@loma.org

LIMRA: U.S. Life Insurance New Premium Tops $3.7 Billion in First Quarter 2024 (2024)

FAQs

What is Limra in life insurance? ›

LIAMA changes its name to the Life Insurance Marketing and Research Association (LIMRA), signifying its commitment to studying all distribution systems of life insurance.

Get More Info Here ›

How is the life insurance industry doing? ›

Quarterly data from LIMRA shows that year-over-year from 2022, the sale of life insurance policies has increased by 4%. Year-over-year, the total new annualized premium for individual life insurance rose by 5%, reaching $3.7 billion.

See Details ›

Do life insurance premiums go up every year? ›

The premium is guaranteed not to increase for the life of the term period. The longer the term period, the higher the premium because the older, more expensive to insure years are averaged into the premium. At the end of the term period, your premium can increase dramatically.

Keep Reading ›

What is the difference between LIMRA and Loma? ›

Over time, LIMRA evolved from a provider of cutting-edge talent assessments into a premier industry research organization, while LOMA became the flagship for industry education and training.

Get More Info Here ›

What does the name LIMRA mean? ›

Limra name meaning is Gift of God.

Should a 70 year old buy life insurance? ›

You may already have a pretty good idea whether you need ongoing coverage. If you retire and no longer work to make ends meet, you probably don't need life insurance in retirement. One exception is if you expect to owe estate taxes, in which case life insurance can be a good solution to cover the bill.

Find Out More ›

What is the cheapest life insurance for seniors over 60? ›

GEICO and Transamerica are the cheapest life insurance companies for older adults, offering an average rate of $175.74 per month for a 10-year term policy. They also provide the most affordable life insurance rates for seniors who smoke and those in poor health.

Show Me More ›

What is the average life insurance payout after death? ›

The average life insurance payout in the U.S. is about $168,000, according to Aflac. However, the payout of your life insurance policy will depend on the face amount (death benefit) you choose and any money accelerated, borrowed against or withdrawn from the policy prior to the payout.

Find Out More ›

What disqualifies life insurance payout? ›

Life insurance may not pay out if the policy expires, premiums aren't paid, or there are false statements on the application. Other reasons include death from illegal activities, suicide, or homicide, with insurers investigating claims thoroughly.

Discover More Details ›

How much does the average person have in life insurance? ›

How much life insurance does the average person have? According to the American Council of Life Insurers, the average size of new individual life insurance policies purchased in 2019 was $178,150 in 2019.

Explore More ›

What is the best age to buy life insurance? ›

In accordance with the “get a life insurance policy while you're young and healthy,” mentality, the 20's would be the ideal age.

See Details ›

At what age does life insurance get more expensive? ›

Young people tend to pay the lowest life insurance rates, whereas older people tend to pay the highest. Although there are exceptions — usually based on the health of the applicant — a 30-year-old will likely receive a lower premium quote than a 40-year-old.

Learn More Now ›

What is LIMRA data exchange? ›

The LIMRA Data Exchange (LDEx) Standards® are designed to standardize the data exchanged between insurance carriers and benefits administration technology companies for employee workplace benefits, which aim to reduce errors, drive consistency, and streamline the process.

Discover More ›

What is LIMRA AML? ›

Offered in both English and Spanish, the LIMRA AML program is widely used throughout the industry to help companies comply with anti-money laundering training and tracking requirements. To keep awareness high, a new refresher course on how to recognize and prevent money laundering is introduced each year.

What is the meaning of Iul in life insurance? ›

Indexed universal life insurance is a type of permanent life insurance, which means it has a cash value component in addition to a death benefit. The money in your cash value account can earn interest based on a stock market index chosen by your insurer, such as the S&P 500 or the NASDAQ Composite.

Get More Info ›

What does loma stand for? ›

A LOMA is a Letter of Map Amendment. It is a document from FEMA which states that while a structure, or portion of property, is mapped within the flood zone; it is not at risk for flooding based on the elevation of the structure, or portion of the property. How will a LOMA help me?