Study: Life insurance purchases up 62 percent in 2010

Posted on: Wednesday, June 29, 2011

A new study is revealing that agents had a significant amount of success with their life insurance leads last year.

According to the Life Insurance and Market Research Association, new premium sales of individual life combination products rose 62 percent in 2010, totaling $1.2 billion.

Catherine Ho, LIMRA's research actuary, said the total speaks volumes as 2009 was a banner year for life insurance selling.

"Overall sales of combination products in 2010 were remarkable, especially coming off the double-digit growth experienced in 2009," said Ho. "In addition to carriers boosting their marketing campaigns, consumers' growing desire for an alternative to stand-alone long term care insurance has driven sales of these products."

Details of the sales report discovered trends among certain segments of the population. For instance, LIMRA found most life insurance purchases were bought by individuals older than 60 and female policyholders represented nearly 65 percent of the sales total.

Life insurance selling is all about knowing the product and the client base that's most likely to purchase a plan. Studies like these can help agents better focus their time and attention.

Posted In: Insurance News, Life Insurance

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