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- Enhancements to Pacific Accelerated Life+ (PAL+) Program 09-22-2022
- John Hancock - Offering Access to GRAIL's Multi-Cancer Early Detrection Test to Vitality Customers 09-22-2022
- Principal - Updated IDI Application Part B Available Oct. 1st 09-22-2022
- Protective - Classic Choice Term Has Been Repriced Again! 09-12-2022
- September is Life Insurance Awareness Month! 09-01-2022
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Sales of Life Combination Products Rebound in 2021, LIMRA Reports
Total new premium for individual life combination products increased 22% to $4.3 billion, compared with prior year results, and down slightly from the $4.8 billion in premium generated in 2019, according to LIMRA’s 2021 U.S. Individual Life Combination Products Annual Review. Combination products represented 20% of total life insurance premium in 2021.
LIMRA research shows there were nearly 559,000 policies sold in 2021, up 37% compared with 2020 results.
“The pandemic led to the steepest one-year decline (2020) of life combination product sales recorded since LIMRA began tracking this data in 2010,” Karen Terry, assistant vice president, Insurance Research, LIMRA. “Sales rebounded significantly in 2021 due to the introduction of the Washington Cares Act, which propelled sales in long-term care (LTC) extension and acceleration sales.”