SLF:CC - U.S. life insurance premium volume surges in 2021 amid COVID-19 unease

U.S. life insurance sales in 2021 jumped over the prior year due to fears of death from COVID-19, the Wall Street Journal reported Tuesday, citing data from research firm Limra. “As we zero in on one million Americans who tragically lost their lives, it’s not a surprise that people are thinking about their own mortality and the impact on loved ones if anything were to happen to them,” Limra Chief Executive David Levenson told the WSJ. “As a result of the pandemic, there is greater consumer demand for life insurance to cover burial and final expenses,” he added. Specifically, premium volume for new individual life insurance policies soared 20% vs. 2020, while the number of policies issued gained 5%, the largest Y/Y percentage gains since the 1980s, Limra noted. And the outperformance seen in annual premiums collected from new sales partially reflects an increase in average size of policies sold. Meanwhile,

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U.S. life insurance premium volume surges in 2021 amid COVID-19 unease