Total life insurance new annualized premium grew 20% in 2021, representing the highest annual growth since 1983, according to a report by LIMRA, the insurance research group.
For the year, policy sales were up 5%, which is the highest annual growth since 1983.
Whole life new premium grew 20%, year-over year, with the category accounting for 35% of individual retail life insurance in 2021. LIMRA is forecasting whole life sales to grow as much as 10% in 2022, with continued growth in 2023.
Variable universal life new premium increased 74% and its market share was 12%, the highest since 2008.
Indexed universal life new premium rose 21% for the year, representing 25% of all individual life premium in 2021. Fixed universal life new annualized premium was up 10% and held 8% of the total premium market share.
In 2021, term new premium increased 5%, the highest premium growth for term premium since 2007. LIMRA is projecting term life premium to grow as much as 6% in 2022.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
