Though low rates on life insurance keep the product in high demand among consumers, a report shows the sales of life insurance distributed through banks dropped at the start of 2011.
First-quarter sales of bank-distributed life insurance declined 38 percent from the previous period, reported the Kehrer-LIMRA Life Report. It was the second quarterly decline for these sales and represented a two-year low even after 2010 presented a strong year in sales from consumers looking to shore up retirement plans with life insurance.
Single-premium life insurance appeared to be the most popular product among bank-provided life insurance, making up 95 percent of the market's sales in the first quarter.
Annuities sold in financial institutions actually increased in popularity, climbing 22 percent from the fourth quarter of 2010 to the first three months of 2011.
Though some Americans may rely on banks and credit unions for their life insurance, the internet has opened up a number of ways to shop around for term life insurance. Those looking to take advantage of low rates on term life insurance may want to consider perusing their options online.