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.
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