Milliman's Combination Product Experience Study 2023 provides the industry's most comprehensive analyses of long-term care combination product experience, drawing on insurer claims experience to evaluate morbidity, mortality, lapse, and claim termination patterns across a wide range of product designs. The study compares actual policyholder experience to both standalone LTC and Milliman’s combination product benchmark assumptions, offering valuable insights into claim incidence, persistency, and risk dynamics. Key findings highlight significant differences between combination products and traditional LTC insurance, as well as emerging trends in worksite and individual markets. Insurers, reinsurers, product developers, and actuaries can leverage these findings to support product design, pricing, valuation, risk management, and strategic decision-making.

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