Meeting the needs of the middle market with combination products

Disruptive forces are causing carriers to focus on product innovation

Dec 28, 2016 | By Linda Chow

The US life, annuity and long-term care (LTC) industries are facing a number of disruptive forces, from macroeconomic changes and demographic shifts to rising consumer expectations. Carriers are responding by changing their business models, modifying sales distribution practices, digitizing core processes and functions, and upgrading their risk management capabilities.

In addition, there is an effort to stimulate revenue growth with innovative products that address industry issues and meet the enormous consumer need for LTC services and support. Among the products that have gained significant traction in the insurance industry are combination products, which combine base life or annuity policies with LTC riders.

This article will examine the rise of combination products, why they have enjoyed considerable growth in recent years and possible future developments in this increasingly important market.

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