life insurance
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.
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.
BB&T Corp. is acquiring the property/casualty and life insurance units of Crump Group, BB&T announced last Friday. The regional bank will pay $570 million in cash for the units, and will also acquire rights to the Crump name. The acquisition will not include Ascensus, Crump’s retirement services business, which will continue business as usual, Crump officials said.
