Interest in combination products growing, especially among millennials

The study revealed that 24 percent would be very or extremely likely to choose a combination product if they were purchasing life insurance.  Another 34 percent said they would be somewhat likely to choose one, suggesting that nearly 60 percent of consumers would consider a combination policy.

Looking closer at the strongest likelihood of purchase, Millennials lead the way at 40 percent, with Gen X a distant second at 25 percent. This finding is consistent with Millennial responses to concerns about financial issues.  Paying for long-term care services rated slightly higher than average as a concern for Millennials (62 percent) while paying for medical expenses and supporting themselves if they become disabled were equally concerning for 70 percent of Millennials.

What’s the appeal of combination products? For 36 percent of consumers, it’s the idea that a life benefit will be paid even if long-term care expenses are never needed.  Similarly, 36 percent of all consumers and 41 percent of Millennials said a combination policy would be a more economical use of their assets. 

Additional information on sales results of life combination products can be found here.