Whole life purchases drive life insurance sales forward

Posted on: Wednesday, November 30, 2011

A new study indicates that agents have been successful in turning their life insurance leads into sales.

According to LIMRA's Life Insurance Sales report, between July and September, total individual life insurance premiums grew 6 percent, largely as a result of whole life policies being purchased swiftly.

Ashley Durham, product research analyst for LIMRA, said whole life plans drove policy sales upward considerably, as premiums were up both in third quarter and year-to-date sales.

"It's the only product to produce positive growth in each of the past five years, and, so far in 2011, nearly three quarters of the writers were able to grow their sales," said Durham. "More than half managed double-digit increases."

She noted that the increase is noteworthy, as in the previous two-and-a-half decades, there have only been two years in which policy counts improved.

This study is a strong indication that the marketing strategies life insurance agents are employing appear to be working. Agents may want to review these tactics to see if any further tweaks to their selling systems yield results.

Posted In: Insurance News, Life Insurance

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