RJ and Makay

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Total sales of individual life insurance in the U.S., measured by new annualized premium, rose 8% in the first quarter of 2011 from the same period a year ago, fueled largely by universal and whole life polices, according to the Life Insurance and Market Research Association (LIMRA).  Universal life annualized premium grew 14% while policy count increased by 18%.

A recent study by LIMRA reports 50-year record low in insurance ownership, but also shows that life insurance will dominate all other sources of financial assets or income that Americans expect to use to help pay bills and maintain their lifestyle in the event of the primary wage-earner’s death.

For starters, the study reported only 44 percent of U.S. households have individual life insurance and 35 million households have no life insurance coverage at all. Furthermore, almost eight in every 10 U.S. households currently do not have a personal life insurance agent or broker, and most say they never did. And one in four middle-market households admit they don’t know how to reach their financial goals.