Total individual life insurance grew four percent in new annualized premium in 2011, resulting in the second consecutive year of growth, LIMRA reports. In the fourth quarter, life insurance premium rose two percent, compared with the fourth quarter of 2010.
"For the second year in a row, strong whole life sales propelled overall individual life insurance sales growth," says Ashley Durham, senior analyst at LIMRA. "With the economy continuing to struggle, consumers are attracted to the premium and cash-value guarantees along with lifetime coverage, which whole life offers."
Overall in 2011, companies issued two percent more individual life policies than they had in 2010. This is only the fourth time policy sales have increased in the past 30 years. In the fourth quarter, total policy count inched up one percent.
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