By LIMRA – December 4, 2018

The life-combination market has grown to more than a $4 billion market over the past 10 years. A new study identified five factors that impact the viability of the life-combo market. Long-term care is a growing concern, and with the average annual cost for nursing home care close to $100,000, few people have the resources – or the insurance – to pay for this care. The five factors that challenge life insurers’ ability to develop and market products appealing to agents and consumers:

  • Consumer Perception: in general, consumers have a negative impression of stand-alone LTC insurance products;
  • Product Viability: will carriers be able to overcome brokers’ and agents’  and consumer biases around stand-alone LTC products to consider a combination product as part of the financial plan?;
  • Regulatory and Compliance Challenges: agents will need specific training to understand the unique characteristics of the policies;
  • Operational Friction: carriers will need to update their systems and train their claims personnel;
  • Risk Management: combination products are relatively new and the experience data on these products is limited.

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