Life Insurance

Whole Life Sales Dominate Second Quarter

Whole life second quarter sales were $1.1 billion, up 7.6% when compared with the previous quarter

Second Quarter, 2021 Life Sales results released and provided by Wink, Inc.

Des Moines, Iowa. October 5, 2021- Wink, Inc. released the second quarter, 2021 life sales results in its 96th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.

Non-variable universal life sales for the second quarter were $779.2 million; up 19.9% when compared to the previous quarter and up 18.1% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.

Noteworthy highlights for total non-variable universal life sales in the second quarter included National Life Group gaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 13.7%. Transamerica Life’s Transamerica Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined.

Indexed Life Sales

Indexed life sales for the second quarter were $627.5 million, up 18.2% when compared with the previous quarter, and up 23.4% as compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. “Life insurance sales were up across-the-board! In fact, it was the greatest quarter for indexed life sales, since 4Q19’s record-setting quarter,” explained Sheryl J. Moore, CEO of Wink, Inc. and Moore Market Intelligence.

Items of interest in the indexed life market included National Life Group gaining the #1 ranking in indexed life sales, with a 16.9% market share. Transamerica, Pacific Life Companies, John Hancock, and Nationwide rounded out the top five, respectively.

Transamerica Life’s Transamerica Foundation IUL was the #1 selling indexed life insurance product, for all channels combined. The top pricing objective for sales this quarter was Cash Accumulation, capturing 73.9% of sales. The average indexed life target premium for the quarter was $11,142; a decline of more than 9.0% from the prior quarter.

Fixed UL Sales

Fixed UL sales for the second quarter were $151.9 million, up 26.9% when compared to the previous quarter and up 0.4% as compared to the same period last year. Noteworthy highlights for fixed universal life in the second quarter included the top pricing objective of No Lapse Guarantee capturing 41.3% of sales. The average UL target premium for the quarter was $5,046; an increase of less than 1.0% from the prior quarter.

Whole Life Sales

Whole life second quarter sales were $1.1 billion, up 7.6% when compared with the previous quarter, and up 24.9% as compared to the same period last year. Items of interest in the whole life market included the top pricing objective of Final Expense capturing 55.0% of sales. The average premium per whole life policy for the quarter was $3,465, an increase of nearly 30.0% from the prior quarter.“Every single one of the top 13 sellers of whole life had increased over the previous quarter, as well as the same period last year. Like IUL, this is the strongest quarter for whole life sales since 4Q19’s record” commented Moore.

 

 

 

For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has a combined experience of more than 175 years working with insurance products, more than a decade of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.