Whole life sales in the United States have increased for ten consecutive years, and the product now accounts for more than a third of the entire life insurance market.

Industry research group LIMRA released the results of its U.S. Retail Individual Life Insurance Sales Survey yesterday. The report shows that total new annualized premiums for all products were up by 2% in Q3 compared to the same period last year, while total individual life insurance policy count increased by 1%. LIMRA expects that the overall policy count will be up at year end, which would make this the first time that the industry has enjoyed two consecutive years of growth by this measurement since 2012.

“Whole life sales, which have experienced 10 consecutive years of positive growth, played an integral role in overall life insurance sales growth this quarter,” says Ashley Durham, associate research director, LIMRA Insurance Research. “Continued market volatility and low interest rates make whole life products attractive to consumers looking for protection and steady investment growth.”

Low current assumption rates pushed down universal life (UL) new annualized premiums by 2% in the third quarter, and the product has a 37% market share. As for term life insurance premiums, they rose by 2% in Q3. LIMRA notes that this is the eighth consecutive quarter of growth for term insurance; the product has a 21% market share, and it has been in this 21%-22% range for the last five years.