Final Expense Premium Up 4%

 Happy couple being attended by an agent at officeBy InsuranceNewsNet – July 12, 2018

Final expense life insurance new annualized premium increased 4% in 2017, compared to 2016 results, according to a Life Insurers Council/Competiscan study. Sales for final expense sold through IMOs continue to be a strong source of growth – 89% of all new premium were sold through independent distribution, according to the LIC. The most common way people said they would prefer to buy the insurance is through an agent or advisor (47%); 32% said they would prefer to buy online from a website.

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Insurers Bolstering Indexed Life

Younger family taking a family selfie. By Cyril Tuohy – InsuranceNewsNet – June 19, 2018

Q1 sales of indexed universal life rose 12% to $486 million compared to the year-ago period, and life insurers are wasting no time tweaking their IUL line-ups to take advantage of the fast-selling segment. Rising interest rates help insurers boost the generosity of the benefits available with life insurance contracts, and industry analysts expect more companies to join the IUL market. Here are a number of recent developments in accumulation-focused IULs from insurers Ameritas, Lincoln and John Hancock:

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Indexed, Whole Life Insurance Sales Rise

Senior Couple Walking With Pet Bulldog In CountrysideBy Allison BellThinkAdvisor – June 13, 2018

Indexed life insurance sales increased to $486 million for Q1 2018, up 11% from the total for Q1 2017, according to Wink. The combined sales total for indexed universal life and traditional universal life increased 1.6%.

 

 

Indexed Life Sales By Quarter 

Indexed Life Sales By Quarter 

Sales of whole life increased 11%, to $1.1 billion. In the whole life market, the average premium was $3,282 per quarter, and 74% of the sales were for products that had cash accumulation as the primary pricing objective.

Whole Life Sales by Quarter 

Whole Life Sales by Quarter

Universal Life Sales by Quarter

Indexed Life Sales By Quarter 

Click to continue to article… based on WINK REPORT (includes top carriers, products, and premiums)

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Interest Rates Up: Annuities Attractive

Caution Sign - Higher Interest Rates AheadBy Richard Stolz – EmployeeBenefitAdviser – June 6, 2018

Rising yields have helped boost payout rates on annuities, says Insured Retirement Institute vice president Frank O’Connor. “Rising interest rates essentially increase the minimum guaranteed lifetime withdrawal benefit,” he explained. Pricing on all annuities is positively impacted by rising interest rates: issuers are able to share with contract holders the benefits of higher-yielding bonds in the portfolios that fund fixed indexed annuities, and guaranteed lifetime withdrawal benefit contracts.

 

Annuity Sales Slipping

Annuity Sales Slipping chart

Another factor that augurs well for annuity sales is demographics. “The number of Baby Boomers moving into retirement with large account balances in defined contribution plans is large and growing,” observes O’Connor.

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Less Than $5,000 Saved for Retirement

Retirement Plan and Pension - two folders on wooden office desk.1 in 3 Americans need help now in taking the first step to prepare

By InsuranceForum – June 4, 2018

Americans are underprepared for the financial realities of retirement according to new data from Northwestern Mutual. Nearly eight in 10 (78%) Americans are distressed about affording a comfortable retirement, while two-thirds believe there is a likelihood of outliving retirement savings.

  • 1 in 5 Americans (21%) have no retirement savings at all;
  • 1 in 3 Baby Boomers have only $25,000 or less in retirement savings;
  • Nearly half (46%) of adults have taken no steps to prepare for the likelihood that they could outlive their savings.

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It’s Friday – Are You a Monday Person?

no procrastination concept -  do it nowBy Anthony Iannarino – The Sales Blog – June 1, 2018

Friday People can’t wait for the weekend; they can’t wait to get away ‘cause they don’t enjoy their work enough to want to work outside of scheduled hours. For Friday People, the end of the week is freedom. This doesn’t make Friday People bad people – it just means they don’t find as much joy in their work as do Monday People. Monday People can’t wait to get back to work; they enjoy their work and they’re excited by the prospect of another week of producing results. Monday People count outcomes, not hours.

The results you produce in your life are largely based on what you believe and the actions you take based on those beliefs. If you believe your work is something to engage yourself in doing – that it’s about purpose and meaning – you’ll produce a very different set of results. You’ll also experience a greater sense of happiness and fulfillment. See you back here, early, on Monday.

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