Life insurance - long-term-care combo policies continue to sell well
Wednesday, May 28, 2014 11:49 AM
Sales of life combination products - life insurance coupled with long-term-care policies - grew by 12 percent in 2013, according to a new report from global research firm LIMRA. Total new premiums for life combination products reached $2.6 billion last year, the fifth consecutive year of double-digit growth, LifeHealthPro reported. Approximately 98,000 life combination policies were sold in 2013, an 18 percent increase over 2012. All life combination product lines experienced growth in 2013. Whole life combination premiums rose 16 percent, universal life combination premiums improved 9 percent and variable combination premium grew 124 percent. Sales were driven by three new carriers entering the life combination market and several existing companies refining their products over the past 12 months, according to a LIMRA analyst.