Index-linked life insurance sales hit more records in Q4 2021, Wink reports

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Non-variable universal life insurance sales for the fourth quarter were $861.5 million, up 20% from the third quarter and 16.25% from the 4th quarter of 2021, according to the Wink sales and market report.

Total non-variable universal life insurance sales in 2021 were $2.9 billion. Sales of non-variable universal life insurance include sales of indexed and fixed life products.

Notable highlights for total non-variable universal life insurance sales in the fourth quarter include Pacific Life Companies, which ranked first in overall sales for non-variable universal life insurance sales, with a share of 10.8% market. Transamerica Life’s Transamerica Foundation IUL was the top-selling product for non-variable universal life insurance sales across all channels.

Source: Wink Sales and Market Report

Index-linked life insurance sales for the fourth quarter were $718 million, up more than 19.1% from the prior quarter and more than 15.5% from the same period l last year. This is a record year for indexed life insurance sales, with total indexed life insurance sales for 2021 reaching $2.4 billion. Indexed life insurance sales include both indexed long life insurance and indexed whole life insurance.

“It’s great to see indexed sales records again,” said Sheryl J. Moore, CEO of Moore Market Intelligence and Wink, Inc. “The challenges of constant regulatory change seem to be in the rearview mirror (for the moment).”

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Among the elements of interest in the indexed life insurance market, let us mention La Nationale Vie, which ranks first in indexed life insurance sales, with a market share of 12.7%. Pacific Life Companies, Nationwide, Transamerica and John Hancock round out the top five respectively.

Transamerica Life’s Transamerica Foundation IUL was the top-selling index life insurance product across all channels. The primary price target for sales this quarter was cash accumulation, capturing 79.6% of sales. The average life insurance indexed target premium for the quarter was $11,868, an increase of more than 5% from the prior quarter.

Source: Wink Sales and Market Report

Fixed UL sales for the fourth quarter were $143.74 million, up 24.4% from the prior quarter and 19.7% from the same period last year. Total whole life insurance sales in 2021 were $522.4 million. Notable highlights for fixed universal life include the higher price target of the no-lapse guarantee, capturing 46.1% of sales. The average UL target bonus for the quarter was $5,776; an increase of almost 8% compared to the previous quarter.

Source: Wink Sales and Market Report

Whole life sales in the fourth quarter were $1.5 billion, up 36.7% from the prior quarter and 45.5% from the same period last year. Total whole life insurance sales in 2021 were $4.8 billion.

Items of interest in the whole life insurance market included the higher final expense price target capturing 41% of sales. The average premium per whole life policy for the quarter was $3,690, an increase of nearly 19% over the prior quarter.

“It’s not surprising to see whole life insurance sales doing so well,” Moore said, “given that less than 20% of the market saw a decline in sales and more than half of the market recorded double-digit gains in sales.”

Source: Wink Sales and Market Report

Wink currently reports sales of indexed universal life, indexed whole life, universal life, whole life, and all lines of deferred annuities. Reports on sales of additional product lines will follow in the future, Moore said.

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