Life Insurance Term Life Insurance Index: Sales rise by 1% in Q2, reaching record high 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: September 20, 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 sales rose 1% in the second quarter of 2024, compared with the same period in 2023. This marks sixth straight quarter-over-quarter sales increases, according to LIMRA’s U.S. Life Insurance Sales Survey results, which was released on September 10. The surge in demand shows no signs of slowing, according to the life insurance industry research organization. “The increased demand for life insurance was primarily triggered by the pandemic… We haven’t seen a decline back to pre-pandemic levels,” says Karen Terry, assistant vice president and head of LIMRA’s Insurance Product Research. Data from the second quarter of 2024 shows a 1% increase in term life insurance premiums to $776 million. LIMRA says that in addition to pandemic-related sales, life insurance premium growth is being boosted by improvements in online platforms, expanded offerings and competitive rates. Eight out of the top 10 life insurance carriers posted premium gains. Term life insurance premiums totaled $1.5 billion in the first half of 2024, up 2% from the previous year. “Consumers who might not have thought about life insurance coverage are now more aware of the financial risks their families face and are acting on that knowledge to protect their loved ones. This means that fewer families will face financial hardship if the unthinkable happens,” Terry says. Term life insurance offers straightforward and affordable coverage. It’s a no-frills policy that protects the financial health of loved ones if the insured passes away. Coverage can last for decades, and policy limits can go into the millions. The death benefit from a term life insurance policy can cover everyday bills, mortgage payments, education costs, and much more. Market trends and future projections Looking ahead, LIMRA projects even more term life insurance growth, driven by sustained consumer interest. The organization estimates that term life premiums will reach $3 billion in 2024. “The recent term insurance growth reflects this higher level of demand overall. The industry has hit several new records since the pandemic. We expect term sales to continue to grow modestly over the next few years as consumer interest is still high.” Terry says. With the U.S. life insurance market evolving, term life remains a vital — and affordable — tool to protect consumers’ financial health. × 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. 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