More universal life insurance (UL) policies may be coming with chronic illness riders, and more indexed universal life (IUL) policies may be coming with long-term care (riders.
Susan Saip and Carl Friedrich, actuaries at Milliman, have published new data on the market for UL and IUL benefits in a new survey report summary.
The latest survey attracted responses from 30 issuers.
The issuers generated $600 million in premiums from the sale of individual UL policies in the first three quarters of 2019, and 55% of the premiums were tied to policies that came with LTC riders.
That compares with $1.1 billion in premiums and 51% of the premiums being tied to policies with LTC benefits in 2018.
- A copy of the new Milliman universal life and indexed universal life survey report summary is available here.
- An article about an earlier Milliman UL/IUL survey report is available here.
For IUL policies, chronic illness riders were the stars.
Issuers sold IUL policies with $1.1 billion in sales for the first quarters of 2019, and 37% of those sales tied to IUL policies with chronic illness riders.