However, new sales premium at $1.3 billion for 2021 declined by about $60 million, or -4% compared with 2020.
Lapse rates, including mortality, averaged 11% for open blocks of business and 17% for closed blocks in 2021. Excluding mortality, lapse rates averaged 10% and 12%, respectively. Overall, lapse rates were slightly higher in 2021 than in 2020. About 60% of the responding companies reported 2021 lapse rates increased compared to 2020.
The most popular Med Supp plan sold in 2021 was Plan G, accounting for 66% of both new sales premium and new lives covered. Although most companies (97%) sold Plan F in 2021, it accounted for only 15% of the sales premium. In 2021, over 90% of the participating companies sold Plans F, G and N. Plan A was also widely sold, with 22 companies (71%) offering it.