The correct answer is D. Separation of the protection and savings element.
Unbundling of life insurance products refers to the separation of the protection and savings elements of a life insurance policy. This means that the policyholder can choose to purchase either the protection element, which provides a death benefit, or the savings element, which provides a cash value. This can be beneficial for policyholders who want to have more control over their finances and who may not need the full death benefit that is typically included in a traditional life insurance policy.
Option A is incorrect because it refers to the correlation of life insurance products with bonds. This is a measure of how the performance of a life insurance product is related to the performance of the bond market.
Option B is incorrect because it refers to the correlation of life insurance products with equities. This is a measure of how the performance of a life insurance product is related to the performance of the stock market.
Option C is incorrect because it refers to the amalgamation of protection and savings element. This is the opposite of unbundling, and it means that the protection and savings elements of a life insurance policy are combined into a single product.