{"id":16114,"date":"2019-07-24T07:00:02","date_gmt":"2019-07-24T11:00:02","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/individual-life-combination-premium-falls-2-in-2018-limra\/"},"modified":"2019-07-24T07:00:02","modified_gmt":"2019-07-24T11:00:02","slug":"individual-life-combination-premium-falls-2-in-2018-limra","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/07\/24\/individual-life-combination-premium-falls-2-in-2018-limra\/","title":{"rendered":"Individual life combination premium falls 2% in 2018: LIMRA"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/ca.res.keymedia.com\/files\/image\/istock-down-graph-id465483617%20(1).jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Following three consecutive years of growth, total new premium for individual life combination products declined by 2% to US$4.3 billion in 2018, according to the 2018 Individual Life Combination Products Annual Review conducted by <a href=\"https:\/\/www.lifehealthpro.ca\/tools\/companies\/limra\/222231\/\">LIMRA<\/a>.<\/p>\n<p>As reported by InsuranceNewsNet, the decrease in premiums came even though 404,000 policies were sold last year, representing a 2% increase over 2017. Combination products represented 27% of the overall US individual life insurance market last year.<\/p>\n<p>\u201cThe decline in total premium is a result of more companies shifting to introduce recurring premium options,\u201d said Daniel McAllen, associate analyst with LIMRA Insurance Research. \u201cTo put this into perspective, 61% of policies were sold on a recurring premium basis in 2011. By 2018, 93 percent of policies sold were recurring premium.\u201d<\/p>\n<p>According to McAllen, the shift indicates a growing movement to attract mass-affluent buyers, who may be unable to invest a large lump sum but still want the dual protection offered by combination products.<\/p>\n<p>Drilling down to the product level, the largest premium growth was observed among whole life (WL) combination products, advancing by 34% over 2017. WL held 27% of the combination market, up seven percentage points compared to 2017. There was also a 5% increase in variable universal life premiums in 2018, though the products\u2019 market share remained steady at 5%.<\/p>\n<p>Premium for universal life (UL) combination and term combination policies both declined 11% year-on-year. UL combination premium retained dominance of the market with a 66% share, though that was seven percentage points less than 2017. Term combination premium held just a 2% sliver of the combination product market last year.<\/p>\n<p>LIMRA also found that long-term care (LTC) acceleration riders and chronic illness (CI) acceleration riders each held 41% of the premium market in 2018. The rest of the market went to LTC extension products, which also held the largest proportion of policies with 64%.<\/p>\n<p> <a href=\"https:\/\/www.lifehealthpro.ca\/news\/individual-life-combination-premium-falls-2-in-2018-limra-277398.aspx\">Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following three consecutive years of growth, total new premium for individual life combination products declined by 2% to US$4.3 billion in 2018, according to the 2018 Individual Life Combination Products Annual Review conducted by&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16114"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16114"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16114\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}