LIMRA analysts report in a new commentary that premium revenue from new sales of three major categories of long-term care (LTC) planning products increased to $4.3 billion last year, from $3.8 billion in 2015.
New sales of individual stand-alone LTCI fell 13%, to $228 million, but sales of individual annuities that offer LTC benefits increased 2.1%, to $480 million.
Sales of individual life-LTC hybrid products increased 16%, to $3.6 billion.
The LIMRA analysts presented a data series that starts in 2012.
Between 2012 and 2016, stand-alone LTCI’s share of the overall LTC planning products market that LIMRA tracks fell to 5.3%, from 17%.