Life Insurance Term Life Insurance Index: Q3 sales steady amid strong market performance Written by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. Reviewed by John McCormick John McCormick John is the editorial director for CarInsurance.com, Insurance.com and Insure.com. Before joining QuinStreet, John was a deputy editor at The Wall Street Journal and had been an editor and reporter at a number of other media outlets where he covered insurance, personal finance, and technology. Updated on: November 21, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Term life insurance premiums held steady in the third quarter of 2024, totaling $739 million, according to LIMRA’s U.S. Life Insurance Sales Survey. This premium total aligns with the figures reported for the third quarter of 2023. The number of policies sold remained flat in the quarter but is up 1% for the year. Economic uncertainty could be a key factor behind the stagnation of term premium growth. “Consumer sentiment data suggests more concern about the economy and inflation, which may have deterred some potential buyers,” says Karen Terry, assistant vice president and head of LIMRA’s Insurance Product Research. Despite flat growth for term premiums, the life insurance market continues to show strong performance, with 60% of carriers reporting gains in the third quarter of 2024. Growth is driven by a surge in high face value sales, the launch of new products, and heightened market competitiveness, including rate reductions and competitor exits, explains Terry. Variable universal life (VUL) insurance led the growth, with significant sales increases, while term life maintained consistent demand. LIMRA’s senior vice president, John Carroll, notes that term life insurance still accounts for a substantial portion of total sales — term life insurance premiums made up 19% of total life insurance sales in the third quarter of 2024. Market outlook for term life insurance LIMRA projects term life insurance premiums will continue to grow into 2025. Carroll notes that if economic conditions such as inflation and unemployment remain steady, the industry is on track to close 2024 with its fourth consecutive year of record-breaking premiums. “Again, inflation and unemployment are big predictors [of premium growth],” says Terry. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Nupur GambhirManaging Editor | . .Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. Related Articles How much term life insurance costs By Huma Naeem The 10 largest life insurance companies By Chris Kissell How to get life insurance if you’re uninsurable By Penny Gusner What to avoid before the life insurance medical exam By Desiree Ghazi Life insurance for people with dementia By Satta Sarmah-Hightower Life insurance calculator: How much life insurance do you need? By Huma Naeem ZIP Code Please enter valid ZIP See rates