|
INCOME REPLACEMENT |
|
 |
 |
DISABILITY INSURANCE
Disability insurance pays an insured person an income when he or she is unable to work because of an accident or illness.
| |
|
DISABILITY INSURANCE, NEW ISSUES SALES, 2007 (1)
|
Number of policies |
Percent change, 2006-2007 |
Annualized premium |
Percent change, 2006-2007 |
| Noncancellable | 176,185 | 3% | $328,139,736 | 6% |
| Guaranteed renewable | 323,961 | (2) | 200,430,251 | 7 |
| Total | 500,146 | 1% | $528,569,987 | 6% |
(1) Short-term and long-term individual disability income insurance. Based on a LIMRA survey of 21 personal disability insurance companies. Excludes commercial disability income.
(2) Less than 1 percent.
Source: LIMRA International. |
| - Annualized premiums for new disability income policies increased by 6 percent in 2007, while the number of policies increased 1 percent. This follows a 3 percent increase in premiums and a 2 percent decrease in policies in 2006.
| |
|
INDIVIDUAL DISABILITY INCOME INSURANCE IN-FORCE, 2007 (1)
|
Number of policies |
Percent change, 2006-2007 |
Annualized premium |
Percent change, 2006-2007 |
| Noncancellable | 2,627,838 | (2) | $3,802,933,134 | 3% |
| Guaranteed renewable | 1,524,427 | 2% | 931,625,132 | 5 |
| Total | 4,152,265 | 1% | $4,734,558,266 | 4% |
(1) Based on a LIMRA survey of 24 companies. Excludes commercial disability income.
(2) Less than 1 percent.
Source: LIMRA International. |
| |
| |
|
|
|
