LIMRA
Life combination products: 56% growth in 2011Posted by RJ and Makay on May 22, 2012 |
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Life combination products grew by 56% in 2011, the third consecutive year of double-digit growth, according to LIMRA’s 2011 Individual Life Combination Products Annual Review. Life combination products total new premium reached $2.2 billion in 2011, representing about 13% of total individual life insurance new premium. Last year, more than 72,000 combination policies were sold, representing approximately 16% of all long-term care insurance policies and contracts.
49% of Americans are not contributing to any retirement plan, according to a new Life Insurance and Market Research Association (LIMRA) survey. And those age 18 to 34 are more likely (56%) than other age groups to not be saving for retirement. The survey also showed that only 25% of all Americans and less than a third of Americans over 50 have worked with a financial professional for retirement planning.
Nearly 20% of Americans that shop for life insurance do so through their workplace, according to a recent report by the Life Insurance and Market Research Association (LIMRA.). Of those employees, 75% purchased life insurance products through their employers. The report also said that life events such as a change in marital status or having a baby are likely triggers that motivate people to shop for life insurance.
