More Universal Life Comes With Long-Term Care Riders: Milliman

More universal life insurance (UL) policies may be coming with chronic illness riders, and more indexed universal life (IUL) policies may be coming with long-term care riders.

Susan Saip and Carl Friedrich, actuaries at Milliman, have published new data on the market for UL and IUL benefits in a new survey report summary.

The latest survey attracted responses from 30 issuers.

The issuers generated $600 million in premiums from the sale of individual UL policies in the first three quarters of 2019, and 55% of the premiums were tied to policies that came with LTC riders.

That compares with $1.1 billion in premiums and 51% of the premiums being tied to policies with LTC benefits in 2018.

For IUL policies, chronic illness riders were the stars.

Issuers sold IUL policies with $1.1 billion in sales for the first quarters of 2019, and 37% of those sales tied to IUL policies with chronic illness riders.