A perfect storm has arrived that has allowed bank life insurance sales growth to far exceed overall industry growth for the second quarter in a row, boosting bank life sales by 32% through the third quarter.
According to the third quarter Kehrer-LIMRA Bank Life Sales Report, which was released Tuesday, total individual life sales across the U.S. were flat in the third quarter and fell 11% during the first nine months of last year, compared to a year earlier, but banks were able to rake in 59% more new life insurance premiums in the third quarter, bringing bank life sales growth to 32% through the first nine months of last year.
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