Table of Contents
- Scope and Themes
- What you need to know
- Definitions
- Abbreviations and terms
- Abbreviations
- Terms
- Executive Summary
- Top issues and developments in the industry
- The marketplace
- Product development
- Distribution channels
- Agent performance, attributes and attitudes
- The Consumer
- Forecast
- Market Drivers
- Accumulation vs. risk focus
- Figure 1: Net premiums and considerations of life insurers, 1994, 2003,
2004
- Demographic trends
- Life cycles
- Figure 2: Population aged 65+: 2000-50
- Figure 3: proportion of population aged 65+: 2000-50
- Minority markets.
- Figure 4: Projected % of total U.S. population, 2000 to 2050
- Pandemics
- Technological and administrative issues
- Persistency
- Regulation
- Estate planning
- Securitization
- Mergers and acquisitions/international expansion
- Market Size and Trends
- Figure 5: Value of individual life insurance premiums in the U.S.,
1998-2004
- Figure 6: Individual life insurance purchases in the U.S., 1995-2004
- Figure 7: In-force policies in the U.S., 1995-2004
- Figure 8: Life insurance premiums totals in the U.S., 1995-2004
- Market Segmentation
- Term and permanent insurance
- Figure 9: Individual life insurance purchases by plan type, 2004
- Figure 10: Value of individual life insurance purchases, permanent and
term, 1998-2004
- Figure 11: Volume of individual life insurance policy purchases,
permanent and term, 1998-2004
- Variable/universal/variable universal life
- Figure 12: Top ten variable life sales rankings (single premiums
included at 10%; excludes COLI, BOLI, and group VUL), 2004 and 2005
- Insurance sales by state
- Figure 13: Life insurance purchases and in-force for the five most
populous U.S. states, 2004
- Competitive Landscape
- Figure 14: Leading writers of U.S life/health insurance by revenues, 2005
- Figure 15: Largest life insurers by total direct life insurance
premiums, 2004
- Figure 16: Largest life insurers by individual life insurance in force,
2004
- Figure 17: U.S. term life in force, top life writers, 2005
- Figure 18: U.S. term life issued, top life writers, 2005
- Figure 19: U.S. ordinary life in force, top life writers, 2005
- Product development: rethinking the fundamentals
- Broad considerations: complexity versus simplicity
- Underwriting categories
- Combinations
- Flexibility
- Innovative product features
- No-lapse universal life
- Indexed universal life
- Figure 20: Leading writers of U.S. index life insurance sales, 2005
- Return-of-premium term
- Corporate-owned life insurance (COLI)
- Life settlements
- Competitive responses to minority markets
- Distribution channels
- Agent distribution channels
- Brokerage general agents and independent marketing organizations
- New models for success
- Agent recruitment and retention
- Affinity groups/associations
- Banks
- Figure 21: Leading providers of life insurance sold through banks
(weighted premiums), 2004 and 2005
- Internet
- Internet consumer-education features
- Group life insurance
- Figure 22: Value of group life insurance owned, by provider,
January-July 2006
- Insurance Agents--what do they think?
- Agent characteristics
- Summary
- Percentage of business that is life insurance
- Figure 23: percentage of agent' s business that is any type of life
insurance, by gender, September 2006
- Figure 24: percentage of agent' s business that is any type of life
insurance, by gender, September 2006
- Agent employment status and tenure
- Figure 25: percentage of respondents who are independent agents or
employees, by gender, September 2006
- Figure 26: Tenure as an insurance agent, by gender, September 2006
- Agent affiliation
- Figure 27: Companies agents represent, by gender, September 2006
- Figure 28: Companies agent sell for, by age, September 2006
- Impact of industry developments
- Figure 29: Impact of industry developments on agents' business--price
competition, by gender, September 2006
- Figure 30: Impact of industry developments on agents' business--online
quotes, by gender, September 2006
- Figure 31: Impact of industry developments on agents'
business--automated underwriting, by gender, September 2006
- Figure 32: Impact of industry developments on agents' business--changes
in compensation, by gender, September 2006
- Figure 33: Impact of industry developments on agents' business -- other
changes in technology, by gender, September 2006
- Obstacles to recruiting and retaining agents
- Figure 34: Obstacles to recruiting and retaining agents--compensation,
by gender, September 2006
- Figure 35: Obstacles to recruiting and retaining agents--clientele, by
gender, September 2006
- Figure 36: Obstacles to recruiting and retaining agents--complexity of
insurance, by gender, September 2006
- Figure 37: Obstacles to recruiting and retaining agents--work hours, by
gender, September 2006
- Figure 38: Obstacles to recruiting and retaining agents--sales
techniques, by gender, September 2006
- Figure 39: Obstacles to recruiting and retaining agents--fewer people
buying insurance, by gender, September 2006
- Figure 40: Obstacles to recruiting and retaining agents--agent image, by
gender, September 2006
- Adequacy of support for agents
- Figure 41: Adequacy of support for agents, September 2006
- Types of incentives offered
- Figure 42: Incentives/support offered agent, by employment status,
September 2006
- Figure 43: Incentives/support offered agent, by length of employment,
September 2006
- Advertising and Promotion
- Figure 44: Insurance industry ad spend by company, 2005
- Fresh advertising themes
- Multicultural programs
- Direct mail
- The Consumer and What They Own
- Consumers' life insurance needs
- Composition of households owning life insurance
- Figure 45: Life insurance ownership by number of children in household,
January-July 2006
- Composition of high-income households owning life insurance
- Figure 46: Type of life insurance owned by households with income
of$100,000+, by gender, January-July 2006
- Figure 47: Adults age 18+ whose household income is $100,000+ and
currently own life insurance, by marital status, January-July 2006
- Figure 48: Adults age 18+ whose household income is $100,000+ and
currently own life insurance, by children in the household, January-July
2006
- Figure 49: Type of life insurance owned by households with income of
$100,000+, by race/ethnicity, January-July 2006
- Figure 50: Type of life insurance owned by households with income of
$100,000+, by geographic region, January-July 2006
- Figure 51: Provider of life insurance for households with income of
$100,000+, January-July 2006
- Face value of life insurance owned by insurance company
- Figure 52: Adults age 18+ and currently own life insurance by face value
of policies for selected major insurers, January-July 2006
- Figure 53: Value of term life insurance owned, by provider,
January--July 2006
- Figure 54: Value of whole/universal/variable life insurance owned, by
provider, January--July 2006
- Future Trends
- Industry seeks sales growth
- Companies may seek to halt declining numbers of life agents
- Further product and underwriting innovations
- Mortality tables
- Principles-based reserves and capital standards
- Market forecast
- Figure 55: U.S. life insurance premiums, actual versus trended data,
1995 - 2004
- Life insurance premiums
- Figure 56: Forecast of total U.S. life insurance premiums, at current
and constant prices, 2006-11
- First-year life insurance premiums
- Figure 57: Forecast of U.S. first-year life insurance premiums, at
current and constant prices, 2006-11
- Single life insurance premiums
- Figure 58: Forecast of U.S. single life insurance premiums, at current
and constant prices, 2006-11
- Renewal life insurance premiums
- Figure 59: Forecast of U.S. renewal life insurance premiums, at current
and constant prices, 2006-11
- Appendix: Industry Associations
- Appendix: TV Advertising and Direct Mail
- Overview--television advertising
- Figure 60: American Family Life Insurance television advertisement, 2006
- Figure 61: Colonial Penn television advertisement , 2006
- Figure 62: Gerber Life Growup plan television advertisement, 2006
- Figure 63: Guaranteed Trust Life Lifetime Plan, television
advertisement, 2006
- Figure 64: Legacy group term life insurance television advertisement,
2006
- Figure 65: Matrix Direct/American general term life insurance television
advertisement, 2006
- Figure 66: Mutual of Omaha life insurance television advertisement, 2006
- Figure 67: Prudential financial life insurance television advertisement,
2006
- Figure 68: Stonebridge life insurance television advertisement, 2006
- Overview -- direct mail advertising
- Figure 69: Globe Life and Accident Insurance, 2006
- Figure 70: Chase Insurance Direct, 2006
- Figure 71: AARP/NYLife, 2006
- Figure 72: Globe Life Young America Plan, 2006
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