Combination life insurance products, which combine a pool of benefit dollars for covered long-term care expenses, a death benefit for beneficiaries, or both, showed tremendous growth in 2010, with new premium sales soaring 62% to $1.2 billion, according to LIMRA research released June 17.
“Overall sales of combination products in 2010 were remarkable, especially coming off the double-digit growth experienced in 2009,” said Catherine Ho, LIMRA research actuary, in a press release. “In addition to carriers boosting their marketing campaigns, consumers’ growing desire for an alternative to stand-alone long-term care insurance has driven sales of these products. For some buyers, combination products are a more affordable alternative to stand-alone LTCI.”
