Gary Bleetstein Senior Vice President
As we are now in the new year 2022, there is much to be appreciated as well as much to put behind us.
We feel positive about 2022, as we have a resilient industry which not only survived the last 2 terrible years in many respects, but our industry thrived in many ways. Covid Related Life Insurance Claims did not affect the industry the way people thought it would, however, 2020 and 2021 will be historical for the amount of death claims paid out overall.
The good news is that Life Insurance Annualized Premium increased by 18% for Q3 as well as Year to Date.
VUL increased 78% YTD, IUL increased over 20%, Whole Life increased 17% Year to Date and Term Increased 7% Year to Date. GUL decreased by 13% which does not come as a surprise based on current interest rates and carrier reserves.
Covid-19 forced our business to change the way we do business and now, over 79% of Term Business is being done electronically and this is a trend we see continuing. Some carriers are even requiring term business to be submitted electronically and will not accept paper applications any longer.
The other good news is that based on the Pandemic, there has been a substantial increase in consumer awareness and interest in our products and services.
All of us at Agent Support Group wish you and you families a safe, healthy and prosperous 2022 and we thank you for your business and support.