Insurance software provider LIDP Consulting Services, Inc., offers full support for combination products with the 2008 release of the Administrator, a 24x7 online, real-time policy administration, claims administration, and agency management system with support for all life, health, and annuity products. The release contains support for the processing of combination products on a single contract.
Aging boomer population, increased life expectancy, spiraling healthcare costs, and recent favorable tax treatment are all factors that will fuel the sales of combination products in the near future. Many larger North American carriers currently are working on their combination product designs. Current annuity carriers, and those looking to enter the arena, need to be looking closely at their system limitations to determine whether, when, and how they will support these products.
"Changes to the tax code (Section 7702B) as well as the Pension Protection Act of 2006 are encouraging the development and sale of life and annuity contracts with long-term care riders," says Andy Ottens, LIDP's vice president of client services. "The 2008 release of the Administrator contains support for both universal life and annuity combination products."
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