Posted by (American Life Insurance Guide 04/04/2024 News)American insurance data service providerWink Recently released the fourth quarter of 2023American life insurance productsAndLife insurance brand marketOccupancy data*. In its public data report for the fourth quarter of 2024, the U.S. Life Insurance Guide©️ will help policyholders and investors understand:
- Insurance and wealth management products and insurance brands with a relatively high market share in the United States;
- What are the reasons for American residents to choose different insurance wealth management accounts?
- What is the average annual premium per insurance policy?
American Life Insurance Guide©️The Chinese interpretation report of quarterly data is one of the important reference indicators for individuals, families and companies in the Chinese-speaking community to purchase and configure American life insurance.
The following are specific data reports for different insurance market segments:
1. Index insurance: "Insurance wealth management" is the main goal
Index insurance, known as Indexed Life in English, usually includes indexed universal insurance accounts (referred to as IUL) and indexed Whole Life.
In the last quarter of 2023, index insurance sales reached a record high, with premium sales reaching US$7.99 million, an increase of 6% quarter-on-quarter.
From 2012 to the end of 2023, the historical trend chart of premium payment amounts for index insurance accounts is as shown below:
(U.S. Index Insurance New Premium Trend Chart ©️Winkintel)
🏆Quarter best-selling index insurance: Financial Foundation IUL
List of Transamerica®️ Index Insurance Products
| Financial Foundation IUL insurance product cover | ||
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Issued by Transamerica®️Financial Foundation IUL insurance account(Product evaluation), will continue to become the "quarterly best-selling insurance product" in the fourth quarter of 2023.
2023Q4 US Index Insurance Data
How much premiums do policyholders pay each year?
- During the third quarter of 2023,The average target deposit premium is $11,974/year.
Why do policyholders choose index insurance?
-76% of policyholders pursue “cash value accumulation”(Cash Accumulation)"And choose to configure index insurance for financial management.
In the field of index insurance markets,National Life以综合旗下多款指数保险产品的销量优势，继续在2023第3季度里整体销量排第一。 全美人寿、全国人寿、太平洋人寿和Sammons Financial（北美人寿和米德兰人寿）分列第2到第4名。整体上，在2023年度里，指数市场前5名的人寿保险公司品牌保持不变。
according toBrand share in 2023Q3, The following isIndex life insurance company brand Top5, The following is the specific content of the list.
🏆Index brand sales champion: National Life Insurance Company
National Life Group®️ mainstream index insurance product line
| FlexLife | PeakLife | SummitLife |
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 |
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National Life Group®️ Overall sales volume of index insurance product lines (Click on the image above to view some product reviews), achieving a cumulative market share of 16.3% (+1.6%).
Life Insurance Brand Ranking Top 5
- 🏆National Life Group / National Life Insurance (Evaluation）
- Transamerica/ National Life Insurance (Evaluation）
- Pacific Life Companies / Pacific Life Insurance (Evaluation）
- Nationwide/ National Life Insurance (Evaluation）
- Lincoln National Life / Lincoln Life Insurance (Evaluation）
2. Universal life insurance (UL): traditional “guaranteed continuous coverage” product
Traditional universal life insurance, also known as fixed-rate universal life insurance, is called Universal Life in English.
(U.S. universal life insurance premium trend chart ©️Winkintel)
The premium sales of traditional universal insurance in the fourth quarter of 2023 were approximately US$4 million, which was an increase compared to the previous quarter.
GUL insurance products with "guaranteed non-stop coverage" for wealth inheritance and transfer, is the main reason for policyholders to purchase this type of insurance.
How much premiums do policyholders pay each year?
- In 2023Q4,The average target deposit premium is $5,736/year.
Why do policyholders choose universal insurance?
-50.1% of policyholdersbecause"Guaranteed to keep(No Lapse Guarantee)"Wealth inheritance planning needs.purchased this policy.
3. Participating insurance: “end-of-life expense” market
Participating Insurance, Also known asSavings dividends for life insurance, called Whole Life in English.
Whole Life(Savings dividends for life insurance) Premium sales in Q2023 4 are approximately US$11.6 billion, a slight decline compared with the new premiums in the previous quarter.
The chart below shows the trend of the total historical premium deposits of U.S. savings participating whole life insurance accounts since 2017.
(U.S. savings-participating whole life insurance premium trend ©️Winkintel)
How much premiums do policyholders pay each year?
- During the fourth quarter of 2023,Average annual premium per policy is $4,051.
Why do policyholders choose participating insurance?
-54.5% of policyholders because of the consideration of "Final Expense"And chose to buy a savings dividend-type whole life insurance.
Column summary
The “LBYB – Learn Before You Buy” principle put forward by the American Life Insurance Guide ©️, and through the insurance academy and insurance case sharing, helps Chinese families around the world fully understand US dollar asset-based life insurance. knowledge to get the products and services you really need. (Full text ends)
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About LifeTank©️ – LBYB
LBYB – Learn Before You Buy, is TheLifeTank.com – American Life Insurance Guide©️A guiding concept for individuals and families to configure financial insurance.In view of the extremely diversified financial instrument attributes of American life insurance and annuity insurance, the application of such products in the field of wealth accumulation and inheritance has surpassed traditional consumer insurance products.The impact of lack of corresponding basic knowledge education and one-sided education can be harmful to your interests after many years.Before applying for an insurance policy, American Life Insurance Guide©️ encourages consumers and investors to learn and understand the basic operating principles and functions of such financial products in advance, and seek professional assistance, so as to obtain solutions that can truly protect their families and wealth.
*”WINK, INC. RELEASES 4rd QUARTER, 2023 LIFE SALES RESULTS, Wink Inc, https://www.winkintel.com/2024/03/wink_sales_fourthquarter_2023/
