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Life Insurers Council: Final Expense Insurance New Annualized Premium Increased 16% in 2024
6/12/2025
Twenty-eight final expense firms report selling over 1 million policies in 2024.
WINDSOR, Conn., June 12, 2025 – U.S. final expense life insurance new annualized premium increased 16% year over year to $1.05 billion in 2024, according to the latest LIMRA-Life Insurers Council (LIC) Final Expense Survey Report.
The study examines 2024 sales data reported by 28 life insurance companies, including policy size, premium and policy count, and breakdowns by underwriting category, policy type, and distribution channel.
In 2024, survey participants reported 1.06 million policies sold, up 10% year over year. Nearly 6 in 10 companies surveyed reported greater than 10% sales growth year over year, and over a third experienced sales more than 25% above their sales in 2023.
“Overall, the study reveals solid results for most of the participating companies, but the year was not without its challenges for others. The performance variability observed in 2023 continued in 2024,” said Dean Lambert, executive director, LIC. “Final expense addresses the insurance needs of some of America’s most vulnerable and underserved people — low-income seniors — and LIC is proud to serve as a resource to help carriers succeed in the final expense marketplace.”
Sales expectations for 2025 are generally optimistic. Three quarters of participating carriers expect some growth across the industry, and nearly half expect a significant increase for their company.
Most of the sales reported (85%) were simplified-issue policies with an average face amount of $14,535. The remaining 15% were guaranteed-issue policies with an average face amount of $9,786. The survey shows independent distribution is the predominant sales channel for final expense products, selling 86% of the policies reported in 2024. Affiliated distribution sold 10% of the final expense policies, and 4% of policies were sold through direct-to-consumer channels.
The LIMRA-LIC Final Expense Survey is not a comprehensive view of the U.S. final expense market, but offers a snapshot of sales trends for participating companies.
For more information or to purchase the LIMRA/LIC Final Expense Survey Report, visit www.loma.org/LICSurveys or contact lic@loma.org.
About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.
About LOMA
LOMA helps to advance the financial services industry by empowering more than 700 financial services companies to navigate change with confidence. Visit LOMA at www.loma.org.
About LIC
The Life Insurers Council (www.loma.org/LIC) is a council of LIMRA and LOMA that provides networking and resources for small-to-midsized life insurance companies and all companies involved in final expense, preneed, and home service, improving performance through shared excellence. LIC has conducted annual surveys of final expense sales since 2009.