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September 07, 2016 at 09:28 AM
The drop in new U.S. stand-alone long-term care insurance sales might be starting to bottom out.
LIMRA says premium revenue from sales of new, stand-alone individual long-term care insurance policies amounted to $117 million in the first half of the year.
That was down 8 percent from the total for the first half of 2015, but the LIMRA first-half long-term care insurance sales revenue total sank 17 percent to 30 percent each year from 2013 through 2015.
In 2012, first half sales revenue was up 5 percent.
Related: Long-term care insurance market gets first new issuer in 10 years
Similarly, the number of people covered by new, stand-alone, individual long-term care insurance policies fell 4 percent between the first half of 2015 and the first half of this year, to 48,000.
But the number of new individual long-term care insurance lives fell from 20 percent to 26 percent each year from 2013 through 2015.
The 4 percent drop for the first half of this year is the best new-LTCI-lives-covered figure LIMRA has reported since 2012, when the number of new lives was the same as in 2011.
