LIMRA: U.S. Individual Life Insurance Premium Slightly Increases in 2018

On March 14, 2019, LIMRA reported that total U.S. individual life insurance new annualized premium (premium) increased 1% in 2018, compared with 2017 results, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. This represents the fifth year of growth in premium for U.S. life insurance.

The 2018 highlights include:

• Variable life UL (VUL) new premium grew 14%

• Whole life (WL) new premium growth was flat

• Universal Life (UL) new premium was down 1%

  • Indexed UL (IUL) new premium rose 9%; IUL is 66% of UL premium and 24% of all individual life premium

  • Lifetime guarantee (LTG) UL new premium fell 17%

• Term life insurance new premium rose 1%

• Policy count was flat for the year and is the second consecutive year without policy growth

For 2018, the market share by product line is:

• UL 37%

• WL 35%

• Term 21%

• VUL 7%

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