Total new premium for life combination products (which combine life insurance with long-term care or chronic illness coverage) increased 18% to $4.1 billion in 2017, according to LIMRA’s 2017 Individual Life Combination Products Annual Review, released June 21. This is the third consecutive year of premium growth.
Life combination product market share of individual life insurance premium has increased 10 percentage points over the last two years and represents 25% of total new U.S. life insurance premium in 2017.
“Life combination product premium has increased by double-digits in four of the last five years. Much of this growth may be attributed to the attractive value proposition these product offer to consumers,” said Elaine Tumicki, corporate vice president and director LIMRA Product Research. “Our consumer research finds more than a third of U.S. consumers said they would consider a combination product because no matter the circumstances they or their beneficiaries would benefit.”
LIMRA’s study finds there were 260,000 policies sold in 2017, 5% higher than 2016 results.