Life insurance leads were often converted into life insurance customers in 2011, a new annual sales report indicates.
According to LIMRA total individual life insurance increased by 4 percent in 2011, the second straight year of positive growth. In the last three months of the year, life insurance premiums expanded 2 percent when contrasted with the same quarter on 2010.
Ashley Durham, senior analyst of product research for LIMRA, said the report is an encouraging sign for the life insurance industry, especially given the current fiscal climate.
"For the second year in a row, strong whole life sales propelled overall individual life insurance sales growth," said Durham. "With the economy continuing to struggle, consumers are attracted to the premium and cash-value guarantees along with lifetime coverage, which whole life offers."
In additional to whole life, variable universal life insurance also climbed 22 percent in 2011, largely due to a quickened pace of purchases in the fourth quarter. Meanwhile, universal life premiums also edged higher for the year, despite a moderate decline between October and December last year.