Total US individual life insurance new annualised with excess premium rose 3% year over year to $4.7bn in the second quarter of 2026, according to preliminary results from LIMRA’s U.S. Life Insurance Sales Survey.
The number of policies sold increased 8% in the second quarter, outpacing premium growth.
“The individual life insurance market extended its growth in the second quarter, powered by whole life and variable universal life and an 8% jump in policy sales,” said Bryan Hodgens, Head of Research at LIMRA.
“That rise in policy count is a clear signal that more American families are taking steps to protect their financial futures. The value of life insurance is resonating with consumers, and our opportunity—and our responsibility—as an industry is to keep making it simpler for people to get the coverage they need.”
Whole life (WL) new annualised with excess premium totalled $1.78bn in the second quarter, up 9% from the prior year and the largest single contributor to overall premium growth. WL also posted the strongest policy growth of any product line, with the number of policies sold up 11% year over year. Six in 10 writers increased premium sales, and about half grew policy count. WL remained the largest product line in the US market, representing 37% of total new annualised with excess premium in the second quarter.
“Growth remains concentrated in the final expense market, where relatively new products, digital sales platforms, and expanded distribution networks continue to drive sales and extend the market’s reach,” said Karen Terry, Corporate Vice President and Head of LIMRA Insurance Research.
Variable universal life (VUL) new annualised with excess premium rose 11% in the second quarter to $800m — the strongest premium growth rate of any product line. Although only about half of VUL carriers reported premium gains, that group included eight of the top 10 writers. Policy count was essentially flat compared with the second quarter of 2025. Growth was fuelled by continued demand in high-face-amount markets, including the survivorship market, and supported by a sharp rebound in US equity markets. VUL premium represented approximately 17% of the total US life insurance market in the second quarter.
Term new annualised with excess premium rose 7% to $829m in the second quarter of 2026. Policy count increased 6% year over year. At least half of carriers reported higher premium sales, and nearly half increased policy sales. The largest gains were supported by online distributors and digital term platforms, underscoring consumer appeal for faster, simpler, and more convenient purchasing experiences. Term new annualised with excess premium accounted for an approximate 18% share of the total US individual life insurance market in the second quarter.
After declining since the fourth quarter of 2024, fixed universal life (fixed UL) new premium stabilised in the second quarter. Fixed UL new annualised with excess premium was $240m, even with the prior year, and the number of policies sold edged up 1%. At least half of fixed UL writers, including eight of the top 10, reported premium growth. Expectations that interest rates will remain relatively elevated may be lending support to fixed UL. Fixed UL held a 5% share of new premium.
Indexed universal life (IUL) new annualised with excess premium was almost $1.1bn in the second quarter of 2026, down 11% from the prior year — its first decline since the second quarter of 2023. The number of IUL policies sold rose 5% year over year. The premium drop reflects an exceptionally strong comparison quarter: IUL premium had surged 31% in the second quarter of 2025, and the carriers posting the steepest declines this quarter were largely those that recorded outsized gains a year ago. About half of IUL writers, including half of the top 10 carriers, reported premium growth. IUL represented 23% of total new annualised with excess premium in the second quarter.
