Newsletter

LIFE INSURANCE SALES INCREASE FOR THIRD STRAIGHT YEAR

According to a February 21 article in Life insurance News, life insurance new premium rose to $15.6 billion in 2023, setting a record for the third straight year.

The results are part of LIMRA’s preliminary U.S. Life Insurance Sales Survey.

“Driven by strong growth in the second half of the year, annual life insurance premium continues to expand post-pandemic. The gains were widespread with 6 in 10 companies — including half of the top 10 carriers — reporting sales growth,” said John Carroll, senior vice president, head of Life & Annuities, LIMRA and LOMA. “We are also seeing a strong uptick in the number of policies sold. In 2023, policy count increased 4%. Our consumer sentiment data suggests that more people started feeling more confident in the economy and their own financial outlook in 2024. This may have prompted consumers to address their life insurance needs.”

In the fourth quarter, total life insurance premium rose 4% to $4.2 billion, compared with prior year’s results. The number of policies sold increased 2%, largely due to strong term life sales. LIMRA is forecasting total individual life insurance premium to increase by as much as 5% in 2024 and 2025.

IS WHOLE LIFE INSURANCE WORTH IT FOR SENIORS?

An article, written by Aly Yale for CBS News reviews expert opinion on whether buying whole life insurance is worth it for seniors.

Basically, whole life insurance can provide substantial death benefits to your beneficiaries and is a good fit if you have large debts or want to leave behind a legacy for your beneficiaries.

Whole life has benefits that can be put toward long-term care costs, if you need a policy you can pull money from in an emergency or use to subsidize your retirement.

On the other hand, if you’re in poor health or are much older, whole life insurance may not be worth it, as the premiums could be cost-prohibitive, especially if you’re on limited income. You may also not need whole life if you already have a lot of assets to your name.

Read the entire article here.

FIVE SIGNS YOU MAY BE UNDER-INSURED FOR LIFE INSURANCE

A blog written for Life Happens lists these five circumstances that could mean you are under-insured for life insurance:

1. Your only life insurance coverage is through your employer.

2. Your income went up.

3. Your stay-at-home spouse doesn’t have life insurance.

4. You had a child.

5. You bought a new home.

Read the entire blog here.