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Final expense life insurance sales rose by 5% in 2015, survey finds

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Final expense life insurance sales rose by 5% in 2015, survey finds

Based on a survey conducted by the Life Insurers Council, CSGActuarial Inc. and Competiscan, final expense life insurance sales rose 5% in 2015,while policy count went up 4%, compared with 2014 results.

Independent agents or independent marketing organizations accountedfor 81% of the final expense premium sold, and 18% were sold by affiliated agents.Sales conducted through the independent channels favored simplified issue contractswith full immediate death benefits. Carriers selling directly to consumers primarilysold guaranteed issue contracts with limited initial death benefits.

The survey collected information from 31 insurers, 23 of whichprovided sales for both 2014 and 2015, according to a release from LOMA, an internationaltrade association for the insurance and financial services industry.