Life insurance sales have slumped in the third quarter, and the reason is low rates and regulation based on Wink Incorporated’s 89th Wink’s Sales & Market Report.
Non-variable universal life sales, including both indexed and fixed UL products for the 3Q, were beyond $818.1 million, which was down by 5.2% compared to the preceding quarter and 6.7% less than the same period last year. Indexed life sales for the 3Q were $529.1 million, which was down 4.2% compared to the previous quarter and down more than 0.1% than the same period last year.
Pacific Life Companies remained in highlight with no. 1 ranking for non-variable UL sales with a 10.7% market share. The no. 1 non-variable UL sales product for all the channels combined was Pacific Life Pacific Discovery Xelerator IUL 2. In the indexed life market also Pacific Life Companies topped with a 16% market share. And the no.1 selling product was Pacific Life Pacific Discovery Xelerator IUL 2.
Fixed UL 3Q sales were $287.7 million, down 7.2% in comparison to the previous quarter and down 17% than the same period last year. Whole life 3Q sales were over $1.1 billion with a 0.5% decline than the prior quarter and up 7.2 % than the same period last year.
Sheryl Moore, President and CEO of Wink Inc., claims, “While third quarter is typically a crummy quarter for life sales, I am anticipating that the fourth quarter will be stronger for all life insurance sales.”