2015-2022 Term/Whole Life Lapse/Surrender Experience Study
Table of Contents
Summary
Public Materials
Standard Data Package
Secure the Standard Data Package
Benefits of Study Participation
Access the Standard Data Package
Acknowledgments
Summary
LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of term/whole life lapse/surrender. Twenty-eight companies contributed data to this Study, covering the seven-year period from policy anniversary in 2015 to policy anniversary in 2022. The Study contains about 135.9 million policies exposed, 5.4 million surrenders and lapses, $30.6 trillion in face amount exposed, and $1.4 trillion surrenders and lapses by face amount.
Public Materials
A report with high level insights is available in the link below.
Term/Whole Life Lapse/Surrender Report
Standard Data Package
The Standard Data Package is available for purchase and consists of:
- executive summary
- in-depth analysis report
- interactive data visualization dashboards
- advanced filtering by age, sex, and additional dimensions
- additional credibility metrics
- ability to download detailed data from the study
Secure the Standard Data Package
Ready to place your order for the detailed study results now?
The order form will ask for the name of a contact from your organization. After the form is submitted, someone from SOA customer service will reach out to your contact to obtain the information we need to give employees at your company access to the standard data package.
Benefits of Study Participation
If your company participated in the study by supplying data receive several benefits in the Standard Data Package versus other entities who did not participate.
|
Package Options |
for participants |
for non-participants |
|---|---|---|
|
Report with detailed results |
✓ |
✓ |
|
Tableau dashboards of industry results including data table |
✓ |
✓ |
|
New metrics/analyses |
✓ |
✓ |
|
Tableau comparison of own results to industry |
✓ |
|
|
Peer group analysis |
✓ |
|
|
Discussion with researcher |
✓ |
|
|
Pricing discount |
✓ |
Access the Standard Data Package
If you have purchased the Standard Data Package, you can access it using the link below:
Acknowledgments
LIMRA and the SOA Research Institute would like to thank the following companies for participating in the study by supplying data.
- AIG/Corebridge Financial
- Ameritas
- Baltimore Life
- Brighthouse Financial
- Country Financial
- Everlake
- Global Atlantic
- GPM Life
- Kansas City Life
- Lincoln Financial
- MetLife
- Mutual Trust
- New England Life
- New York Life
- Northwestern Mutual
- OneAmerica
- Pacific Life
- Penn Mutual
- Principal Financial
- Protective Life
- Sammons
- SBLI
- Securian Financial
- State Farm
- Symetra
- Thrivent Financial
- Transamerica
- Western & Southern Financial Group (Western & Southern Life, Lafayette Life, Columbus Life)
LIMRA and the SOA Research Institute would also like to thank the SOA Term/Whole Life Lapse/Surrender Subcommittee for their diligent work developing the data request, overseeing the analysis and reviewing of the report and dashboards for accuracy and relevance.
- Brian Campbell, FSA, MAAA, CERA
- Dale Chudnow, FSA, MAAA
- Brian Holland, FSA, MAAA
- Kevin Larsen, ASA, MAAA
- Tony Phipps, FSA, MAAA
Questions?
Contact us with questions, StudyPro@soa.org.