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WINDSOR, Conn., August 26, 2026—Total U.S. individual life insurance new annualized with excess premium rose 3% year over year to $4.75 billion in the second quarter of 2026, according to 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 premium growth 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

Whole life (WL) new annualized with excess premium totaled $1.77 billion in the second quarter, up 9% from the prior year and the largest single contributor to overall premium growth—largely driven by network marketing distribution. Whole life also posted the strongest policy growth of any product line, with the number of policies sold up 10% year over year. Six in 10 writers increased premium sales, and about half grew policy count. Whole life remained the largest product line in the U.S. market, representing 37% of total new annualized 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

Variable universal life (VUL) new annualized with excess premium rose 13% in the second quarter to $811 million—the strongest premium growth rate of any product line and the second-largest contributor to overall premium growth. Although only about half of VUL carriers reported premium gains, that group included eight of the top 10 writers. Policy count was flat compared with the second quarter of 2025. Growth was fueled by continued demand in high-face-amount markets, including the private-placement and survivorship markets, and supported by a sharp rebound in U.S. equity markets. VUL premium represented approximately 17% of the total U.S. life insurance market in the second quarter.

Term Life

Term new annualized with excess premium rose 6% to $824 million in the second quarter of 2026. Policy count increased 5% 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 annualized with excess premium accounted for an approximate 17% share of the total U.S. individual life insurance market in the second quarter.

Fixed Universal Life

Fixed universal life new annualized with excess premium declined for the seventh consecutive quarter, falling 3% to $233 million. The number of policies sold was flat compared with the prior year. Just over half of fixed UL writers reported premium growth, including eight of the quarter’s top 10 carriers, though the composition of the top 10 has shifted since the second quarter of 2025. Declines were broad-based across current assumption, lifetime guarantee, and accumulation-focused products; the only area of growth was combination fixed UL products, which pair life insurance with long-term care coverage. Fixed UL held a 5% share of new premium.

Indexed Universal Life

Indexed universal life (IUL) new annualized with excess premium totaled $1.1 billion in the second quarter of 2026, down 9% from a year earlier—its first decline since the second quarter of 2023. The number of IUL policies sold increased 6% year over year. The premium decline reflects a difficult comparison with the second quarter of 2025, when IUL premium jumped 31%; carriers with the largest declines this quarter were generally those with outsized gains a year ago. About half of IUL writers, including half of the top 10 carriers, reported premium growth. IUL accounted for 24% of total new annualized with excess premium in the second quarter. IUL results continue to reflect two distinct markets: traditional high-face-amount products, which drive premium sales and were most affected by the comparison to last year’s strong results; and lower-face-amount instant or express products, which are driving policy growth. Many carriers in the lower-face market continue to post premium gains, though at lower premium levels.

LIMRA’s Retail Individual Life Insurance Sales Survey represents 85% of the U.S. life insurance market. Since 1921, the U.S. life insurance industry has relied on LIMRA’s benchmark sales study for accurate data and trend insights.

Note: Beginning in 1Q 2026, LIMRA moved from Annualized Premium (AP) to Annualized With Excess Premium (AWEP). AWEP includes 100% of planned recurring premium plus 10% of both single and excess premium, whereas the prior AP measure included recurring premium and 10% of single premium but did not explicitly incorporate excess premium in the same way.

About LIMRA

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help nearly 700 financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.