US life sales hit 1940s low

Premiums took another double-digit hit in the second quarter of 2009

After a 26% dive in the first quarter, US individual life insurance annualised premium fell 20% in the second quarter, according to Connecticut-based Limra International. Overall, premium sales were down 23% for the year so far, the steepest six-month decline since the second half of 1942, the financial services research firm noted.