If you’re running an agency or leading a team of producers, this isn’t the time to coast. The fourth quarter of 2024 wasn’t just strong, it was directional.
It highlighted where the life insurance market is headed, what insurance products are winning, and how shifts in interest rates, consumer demand, and technology are redrawing the the growth landscape for your agency.
This isn’t just about higher premiums or record-setting IUL numbers. This is about you and your teams opportunity to grow your production, improve your profitability, and adapt your agency to thrive in a new era of the life insurance industry.
To gather this data, I reached out to Sheryl Moore from Wink. Let’s take a look at their 2024 data and what’s next for 2025.
What Were the Key Trends in Life Insurance for 2024?
Cash Accumulation Life Insurance Is Leading the Charge
Across indexed and variable products, the dominant pricing strategy is clear that consumers want more than just protection. They want financial security, tax-advantaged growth, and products that behave like long-term strategies, not just temporary coverage.
- Indexed Universal Life (IUL) posted record-high sales:
- $868 million in Q4, up 16% from Q3 and 9% YoY.
- $3.04 billion in 2024 total sales—up 7% from the previous year.
- Variable Universal Life (VUL) surged 32% over the prior quarter, with a $374 million haul.
- In both cases, over 50% of sales came from cash accumulation-focused designs.
If you’re still selling products purely based on death benefit and lowest premiums, you’re missing where the insurance market is going.
What’s Fueling Life Insurance Growth?
Several factors are creating tailwinds for the U.S. life insurance sector:
- Higher interest rates are helping insurance companies offer more competitive crediting strategies on accumulation-focused products like IUL and VUL.
- Generational wealth planning is shifting how younger buyers approach protection. They want sustainability, flexibility, and long-term value.
- Post-pandemic consumer awareness around healthcare, mortality, and financial markets has driven increased demand for coverage with investment potential.
- Machine learning, generative AI, and artificial intelligence tools are improving underwriting, risk assessment, and operational efficiency, helping agents issue policies faster and with fewer errors (some may disagree on this one).
- Reinsurance and improved capital efficiency are allowing providers to innovate and stabilize pricing, even in volatile market conditions.
Q4 2024 By the Numbers: A Look at the Life Insurance Industry
All Universal Life (UL) Products
- Q4 Sales: $1.33 billion (up 17% from Q3)
- 2024 Total: $4.64 billion
This includes:
- Indexed UL: $868 million in Q4
- Variable UL: $374 million in Q4
- Traditional UL: $88 million in Q4 (down 11%)
Whole Life Insurance
- Q4 Sales: $1.21 billion (up 20% from Q3)
- Driven primarily by final expense demand
- Average annual premium: $3,946
Term Life Insurance
- Q4 Sales: $603 million (flat vs. Q3)
- Average annual premium: $2,350 (down 3%)
Key takeaway: Growth is strongest in accumulation-based life insurance, especially indexed UL, where carriers can lean into the current higher interest rate environment.
What Should Agents and Agency Owners Do Now?
The life insurance industry is growing and if you want to win in 2025, your strategy has to match where the global insurance market is headed.
Here’s your tactical roadmap:
1. Refocus Your Sales Training Around Accumulation-Based Solutions
- Teach agents to sell cash value life insurance, not just term or no-lapse UL.
- Position IUL as a long-term asset, not a replacement for cheap term coverage.
- Show how IUL compares to traditional annuities, especially for clients who want flexibility.
2. Increase Your Average Case Size
- Create IUL case studies that help agents visualize higher life insurance premiums tied to retirement and legacy planning goals.
- Set a team goal to increase average case size by 20% in 2025 using layered benefit strategies.
3. Expand Your Cross-Sell Playbook
- Every health insurance or Medicare client should be reviewed for life opportunities, especially whole life, IUL, and simplified issue final expense.
- Use CRM automation to trigger follow-ups 60 days post-enrollment.
4. Embrace Technology
- Adopt tools powered by AI and generative AI to speed up underwriting, policy issue, and lead nurturing.
- Track down carriers investing in customer experience tech, your agents will close more business with less friction.
5. Stay Ahead of Regulatory and Reinsurance Trends
- Carriers are under pressure from regulatory scrutiny and capital requirements.
- Learn how changes in reinsurance structures and reserve models may impact product design and pricing.
What’s the Outlook for Life Insurance Industry in 2025?
Based on LIMRA, Swiss Re, and current Q4 numbers:
- The life insurance sector is poised for continued premium growth, especially in indexed and variable UL.
- Top insurance risks in 2024 include market volatility, inflation pressure, and rising lapse rates.
- Demographics are shifting, with younger buyers expecting more digital-first solutions and financial literacy support.
- Sustainability, climate change, and social impact are beginning to influence product design and partnerships, especially among major players in the global insurance market.
Top Competitors in the Global Market:
- National Life Group
- Pacific Life
- Prudential
- John Hancock
- Nationwide
Leading Region: While the U.S. is a major player, Asia-Pacific is expected to dominate global growth due to population size and increasing demand for financial protection.
Final Word: This Is the Next Big Thing
The next big thing in life insurance is about your new mindset. This industry is shifting from transactional to strategic, from death benefits to long-term planning, and from protection-first to protection-plus-accumulation.
The winners in 2025 will be the agencies and advisors who see this change, lean into it, and act with clarity and swift action!
If you’re looking to sharpen your team, update your marketing strategy, or retool your sales processes for the next chapter of the insurance industry, I’m here to help.
Data Source:
Moore, Sheryl. “FOURTH QUARTER 2024 LIFE INSURANCE SALES” Wink, https://www.winkintel.com/2025/03/fourth-quarter-2024-life-insurance-sales/. Accessed 3 April 2025.
