4/20/2020 - 4/22/2020
Attend the 2020 Life Insurance Conference to network with your peers and leading industry experts as we look at the key trends that will shape our future and help us exceed expectations as an industry.
3/18/2020 - 3/20/2020
Learn more about life insurance and annuity products, function, and terminology through this instructor-led, activity based training.
After strong results in 2019, total new premium for individual life combination products decreased 23% to $3.7 billion in 2020, according to LIMRA’s 2020 U.S. Individual Life Combination Products Annual Review. There were approximately 421,000 policies sold in 2020, down 7% compared with 2019 results.
2020 Insurance Barometer Study Reveals a Significant Decline in Life Insurance Ownership Over the Past Decade
Over the past decade, U.S. life insurance ownership has fallen 9 percentage points to 54%, according to the 2020 Insurance Barometer Study. Researchers attribute the drop in ownership to a broad decline in employer-paid group life insurance benefits over the past 10 years.
The coronavirus pandemic has triggered significant challenges for the life insurance industry. Historically low interest rates and continued market volatility combined with higher unemployment and operational disruptions caused by social distancing measures contributed to the decline in life insurance sales in the first half of 2020.
Total final expense life insurance premium was $480 million among the 19 companies providing sales for both 2020 and 2019 growth, a 9% increase compared with 2019 results. At the same time, 2020 annual preneed life insurance premium fell 10% year-over-year.