According to a new LIMRA study, the average life insurance policy size increased by approximately 25 percent from 2003 to 2005. Universal life insurance policies saw the largest rate of growth, up roughly 60 percent for men and 45 percent for women. This is believed to be in part due to the increased number of universal life insurance products now offering guaranteed death benefits.
Term life insurance sales remained strong, with sales the strongest among the 25-54 year-old age group. The following chart illustrates the preferred term lengths of term life insurance purchasers in 2005:
Term Length in Years | % of Policies |
10 | 20 |
20 | 38 |
30 | 14 |
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