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July 05, 2018 at 02:47 PM
Use of life insurance-based long-term care (LTC) planning arrangements soared in 2017, according to data from LIMRA’s LIMRA Secure Retirement institute.
New premiums from life-LTC hybrids increased 18% over 2017 levels, to $4.1 billion, institute analysts report.
The number of policies sold increased 5%, to about 260,000.
(Related: LTC Product Sales Rise 12%: LIMRA)
The average amount of new premium revenue per new policy sold increased about 12%, to about $16,000 per policy, according to calculations based on institute data.
In 2017, about 25% of all new U.S. life insurance premiums paid for life products that offer LTC or chronic illness benefits.
Institute analysts based their figures on results from an insurer survey. A summary of the survey is available here.
Terminology
Institute analysts include life products that offer either long-term care benefits or chronic illness coverage in their life-LTC hybrid product totals.
