Why now is the perfect time to sell individual life combination products

By Vanessa De La Rosa


Do you sell individual life combination products? Well, then it might be no secret that they have been selling like crazy: 2012 was the fourth consecutive year that combination product growth was in the double digits. Total new premium for combination products hit $2.4 billion, which amounts to 11 percent of total individual life insurance new premium, and the number of combination policies sold increased 19 percent since the previous year.

And it looks like the sales boom is not slowing down. Catherine Ho, LIMRA product actuary, noted that they will "continue to grow at a remarkable rate. As new carriers enter the market and existing players refine their products to remain competitive. This segment of the market weathered the storm pretty well during the recession, when individual life sales decline significantly. Now that sales growth has returned for individual life, we anticipate life combination products to continue their steady growth."

The infographic below details which products grew the most (policy count and premium), who bought them, and which distribution channels performed the best (and worst).