Individual life combination products grew 10 percent in 2012 — the fourth consecutive year of double-digit growth, according to a new report.
LIMRA discloses this finding in a summary of results from a new survey, LIMRA’s “2012 Individual Life Combination Products Annual Review.”
The report notes that total new premium for life combination products reached $2.4 billion in 2012, representing 11 percent of total individual life insurance new premium. More than 86,000 combination policies were sold in 2012, an increase of 19 percent compared with 2011 results.
“Sales of life combination products continue to grow at a remarkable rate, as new carriers enter the market and existing players refine their products to remain competitive,” said Catherine Ho, LIMRA product actuary, in a press statement. “This segment of the market weathered the storm pretty well during the recession, when individual life sales declined significantly. Now that sales growth has returned for individual life, we anticipate life combination products to continue their steady growth.”