RJ and Makay

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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.

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Total sales of individual life insurance in the U.S., measured by new annualized premium, rose 8% in the first quarter of 2011 from the same period a year ago, fueled largely by universal and whole life polices, according to the Life Insurance and Market Research Association (LIMRA).  Universal life annualized premium grew 14% while policy count increased by 18%.

Overall sales of individual life insurance policies will remain flat in 2011, predicted 59% of the 70 insurance executives surveyed recently by the Life Insurance and Market Research Association (LIMRA). The same goes for group life sales, 68% of survey respondents said.

“Generally speaking, significant growth in life insurance sales is driven by new products in the market,” points out LIMRA senior vice president Robert Baranoff. “While overall sales may not substantially grow in 2011, LIMRA predicts that certain products will stand out in this low-interest [rate] environment.”