2015-2021 Universal Life Premium Persistency and 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
Universal Life Premium Persistency
Fourteen companies contributed data to the current study, encompassing approximately 50% of flexible premium universal life new sales market share during the period of the study. The current study of 2015-2021 calendar years includes 11.9 million in exposure by policy count, almost $4.0 trillion in exposure by face amount, $76.6 million in collected premium, and approximately 417,000 lapse/surrender terminations.
Universal Life Lapse and Surrender
Twenty-four individual companies representing approximately 80% of the market contributed a robust set of universal life insurance policy owner behavior experience data for this study. About 33.5 million policy-years of exposure, $8.5 trillion in face amount exposure, and 1.3 million lapse terminations have been cleansed, summarized and analyzed.
Public Materials
A report with high level insights by sex and attained age group is available in the link below.
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?
| Premium Persistency and Lapse/Surrender* | Order Now |
| Lapse/Surrender study only | Order Now |
*If you previously purchased the Lapse/Surrender portion of this study, choose the Premium Persistency and Lapse/Surrender option. You will not be charged twice for the Lapse/Surrender portion of this study.
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 links below.
Acknowledgments
LIMRA and the SOA Research Institute would like to thank the following companies for participating in the study by supplying data. Companies in bold participated in both the premium persistency and lapse/surrender studies.
- Allianz Life Insurance Co of North America
- Ameritas
- Brighthouse
- Columbus Life (part of W&S)
- Equitable
- Everlake/Allstate Benefits
- Global Atlantic
- John Hancock Financial Services
- Lincoln Financial
- Mutual of Omaha Insurance
- National Life Group
- Nationwide
- New England Life/Brighthouse
- Pacific Life
- Penn Mutual
- Principal Financial
- Protective Life
- Prudential Financial, Inc.
- Sammons
- Securian Financial
- State Farm
- Thrivent
- Transamerica Life & Protection
- Western & Southern Life Assurance Co
LIMRA and the SOA Research Institute would also like to thank the SOA Universal Life Premium Persistency Subcommittee for their diligent work developing the data request, overseeing the analysis and reviewing of the report and dashboards for accuracy and relevance.
- Yuning (Eric) Chen, FSA, FCIA
- Jia Fei, FSA, MAAA
- Chandra Fox, FSA, MAAA
- Brian Holland, FSA, MAAA
- John McGarry, ASA
- Donna Megregian, FSA, MAAA
- Clayton Moore, FSA, MAAA
- Ryan Richey, FSA, MAAA, CERA
Questions?
Contact us with questions, StudyPro@soa.org.