4 ID Trends NAILBA
Publisher ’ s note :
Suit up : there ’ s a lot of business to be done .
Pam Sheehan Vice President , ID Media Network PSheehan @ finseca . org
To further up your game :
Join us for NAILBA 41 Virtual – airing online November 9 , December 14 , and January 11 . Complimentary registration at https :// nailbaengage . vfairs . com / Online and on-demand for anytime viewing .
Sometimes certain words just get stuck in my head , and I find myself using them repeatedly . This year , I have subconsciously managed to pair the word “ up ” with everything , especially when describing the trends in the independent distribution channel .
Sales are up across the business categories . Variety within product development is up thanks to the innovation of the carriers . Consumer awareness is up thanks to the wonderful educational efforts in the profession . Use of technology and software are up thanks to the advancements made by the insurtech organizations . And , I would be remiss to not acknowledge how the mergers and acquisitions are up in numbers this year , as well .
As we come together for NAILBA ’ s annual meeting , NAILBA 41 , the mood is upbeat and expectations are high for sharing ideas on how to continue industry growth . Thanks to the collaborating efforts of AgentSync , CLTC , GreenWave Commissions , IBM Security , LIMRA , MDRT , OneAmerica , Retirement Genius , and Wink , Inc ., this edition of ID Trends is full of the latest research and revenue stats to help you finish up 2022 strong , and ready your business for 2023 .
Things continue to look up for the independent distribution market . So , suit up : there ’ s a lot of business to be done .
U . S . Retail Life Insurance growth rates by product Percent Change 2021-2022
ANNUALIZED |
FACE |
NUMBER OF |
MARKET SHARE |
PREMIUM |
AMOUNT |
POLICIES |
BY PREMIUM |
Indexed UL |
Second Quarter 2022 |
27 % |
10 % |
7 % |
28 % |
|
Year-to-date |
33 % |
10 % |
7 % |
28 % |
Fixed UL |
Second Quarter 2022 |
-14% |
-10% |
-19% |
7 % |
|
Year-to-date |
-6% |
-5% |
-13% |
7 % |
Variable Universal Life |
Second Quarter 2022 |
29 % |
10 % |
6 % |
13 % |
|
Year-to-date |
38 % |
12 % |
16 % |
13 % |
Term |
Second Quarter 2022 |
-6% |
-5% |
-11% |
19 % |
|
Year-to-date |
-4% |
-4% |
-9% |
19 % |
Whole Life |
Second Quarter 2022 |
-3% |
-15% |
-15% |
33 % |
|
Year-to-date |
3 % |
-10% |
-12% |
33 % |
Total |
Second Quarter 2022 |
6 % |
-4% |
-11% |
100 % |
|
Year-to-date |
11 % |
-3% |
-9% |
100 % |
Source : LIMRA ’ s U . S . Retail Individual Life Insurance Sales Summary Report , Second Quarter 2022