{"id":3597,"date":"2023-10-31T12:43:18","date_gmt":"2023-10-31T16:43:18","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=3597"},"modified":"2024-04-08T09:26:12","modified_gmt":"2024-04-08T13:26:12","slug":"limras-q2-2023-u-s-workplace-life-insurance-report-reflects-growth","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/limras-q2-2023-u-s-workplace-life-insurance-report-reflects-growth\/","title":{"rendered":"LIMRA\u2019s Q2 2023 U.S. Workplace Life Insurance Report Reflects Growth"},"content":{"rendered":"<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" src=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/10\/LIMRA2Q-jpeg.webp\" alt=\"LIMRA reflects growth in several areas, according to 2023 review\" class=\"wp-image-3598\" srcset=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/10\/LIMRA2Q-jpeg.webp 1000w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/10\/LIMRA2Q-300x200.webp 300w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/10\/LIMRA2Q-768x512.webp 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<p class=\"leading\">In its \u201cU.S. Workplace Benefits Life Insurance 2023 Second Quarter Review,\u201d LIMRA reflects growth in several areas. Year-to-date new workplace life insurance premium levels were shown to be 7% higher compared with the mid-year 2022, although there was a 3% decrease in annualized premium compared to Q2 2022. Term life insurance represented nearly 85% of new premium generated through the midyear of 2023. Year-to-date term life sales was 4% ahead of last year\u2019s pace although Q2 sales were down 13% from the same period last year. As for permanent life sales, they increased by 32% in Q2 and 21% through June 2023.<\/p>\n<h2 class=\"wp-block-heading\">Group, Individual and Employee-Paid Trends<\/h2>\n<p>There was growth in both group and individual life insurance sales. Group sales were up 5%, while individual sales increased by 26% over the first six months of 2023, however, individual sales accounted for just 10% of all new workplace life premiums. Annualized in-force premium totaled nearly $35 billion which represents a 5% increase over the first half of 2022. LIMRA reported that of the 100% employee-paid premiums, 21% were for permanent insurance and 79% was for term insurance.<\/p>\n<h2 class=\"wp-block-heading\">Total Sales by Product<\/h2>\n<p>Following is a breakdown of year-to-date sales by product category based on LIMRA\u2019s research:<\/p>\n<ul>\n<li>Employee Groups, Term: 47,075; percent change -5%<\/li>\n<li>Employee Groups, Permanent: 1,314; percent change 11%<\/li>\n<li>Employee\/Policies, Term:&nbsp; 9,324,677; percent change 7%<\/li>\n<li>Employee\/Policies, Permanent: 404,404; percent change 28%<\/li>\n<li>Face Amount ($000,000), Term: $507,698; percent change 9%<\/li>\n<li>Face Amount ($000,000), Permanent: $27,191; percent change 20%<\/li>\n<li>Premium ($000,000), Term: $2,131; percent change 4%<\/li>\n<li>Premium ($000,000), Permanent: $390; percent change 21%<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Accidental Death &amp; Dismemberment (AD&amp;D) Activity<\/h2>\n<p>Year-to-date sales in AD&amp;D insurance sales were reported as follows:<\/p>\n<ul>\n<li>Employer Groups: 14,616; percent change -14%<\/li>\n<li>Employee Policies: 4,488,540; percent change -2%<\/li>\n<li>Face Amount ($000,000): $195,508; percent change 17%<\/li>\n<li>Premium ($000,000): $147; percent change 8%<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In its \u201cU.S. Workplace Benefits Life Insurance 2023 Second Quarter Review,\u201d LIMRA reflects growth in several areas. Year-to-date new workplace life insurance premium levels were shown to be 7% higher compared with the mid-year 2022, although there was a 3% decrease in annualized premium compared to Q2 2022. Term life insurance represented nearly 85% of&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/limras-q2-2023-u-s-workplace-life-insurance-report-reflects-growth\/\" title=\"Read LIMRA\u2019s Q2 2023 U.S. Workplace Life Insurance Report Reflects Growth\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3597"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/comments?post=3597"}],"version-history":[{"count":4,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3597\/revisions"}],"predecessor-version":[{"id":3819,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3597\/revisions\/3819"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/media?parent=3597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/categories?post=3597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/tags?post=3597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}