Sales & Marketing | 11.08.23
Whole Life Products Are Feeling the Pinch of Rising Interest Rates
by: John Hilton
Whole life insurance is a product most impacted by the interest rate changes. For starters, whole life represents 39% of the market share by premium, according to LIMRA. Whole life new premium totaled $1.4 billion in the third quarter. However, whole life sales are down from years past. "All whole life products are portfolio-based products," says Bobby Samuelson, president of Life Innovators and executive editor of the Life Product Review. "So this is not an abstract, theoretical question about how you sell portfolio products in the new money environment. This is an existential question for the largest product category in our business."
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