Whole life insurance sales have been gathering considerable momentum in this country.
According to the latest LIMRA statistics, in 2011 universal life insurance sales were up by 1.2 per cent. By comparison, whole life insurance sales increased 17.5 per cent.
"Markets have been fairly volatile and not providing a great return," says Karl Simon, director of product and marketing for Equitable Life. "I believe advisors are going over to whole life insurance because what it does is it provides a good return without the volatility."
Whole Life insurance, as the name implies, provides insurance for the insured’s lifetime. The premiums are also level, and the plan provides guaranteed cash values.(Why Are Whole Life Sales Gaining Momentum in Canada? continued...)