Sales for whole life insurance products were up in 2014 against mixed sales results for universal life products, according to new survey released today.
Avon-based Eastbridge Consulting Group said total universal life and whole life sales nationally were $445.6 million and accounted for 6.5 percent of all voluntary sales in 2014. It cautioned with several of the whole and universal life products being new to the market in 2013 or 2014, the resulting percentage increases were higher than normal and/or it was too early to determine any trends for the product.
Eastbridge said these are a few of the key findings from the study:
- Transamerica, Unum and Boston Mutual being at the top for whole life and Transamerica, Allstate and Colonial for universal life products;
- Many carriers anticipate a shift in market focus from universal to whole life products driven primarily by the uncertainty in interest rates; and,
- The most common future trends mentioned by those surveyed include an increase in self-enrollment situations, heightened competition, and greater demand for long-term care and “living” benefits provided by the life policies.
