Banks may be on for a record year in terms of sales of life insurance, according to Kehrer-LIMRA’s new Bank Life Report. Second-quarter premiums of $4.6 billion came largely from the huge growth in popularity of single-premium products.

While it has enjoyed a recent jump in sales, single-premium life has always outsold other types of life insurance in banks, says Scott Stathis, managing director and chief operating officer and : It looks and smells more like an annuity and the sale is transactional in nature. While it should be sold from a wealth-transfer standpoint, it is in sometimes sold a substitute for a fixed annuity.

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