{"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":"2024-07-01T07:50:05","modified_gmt":"2024-07-01T11:50:05","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":"
\"LIMRA<\/figure>\n

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

Group, Individual and Employee-Paid Trends<\/h2>\n

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

Total Sales by Product<\/h3>\n

Following is a breakdown of year-to-date sales by product category based on LIMRA\u2019s research:<\/p>\n