2023 Group Term Life Waiver Experience Table Report

6/26/2023 Update: The Reserve Factor Calculator has been updated to correct an error in which the formula for the death and recovery rates in duration 9 was using the ultimate rates rather than select rates.

Authors:

Jeremy Fleischer, FSA, MAAA

Jerry Holman, FSA, MAAA

Michael Krohn, FSA, CERA, MAAA

John Murphy, FSA, MAAA

Patrick Nolan, FSA, MAAA, SOA

Matthew Piccolo, ASA

Steve Rulis, FSA, MAAA

Patrick Wallner, FSA, MAAA

Description

This report documents the construction of the 2023 Group Life Waiver Experience Table, which is based on data from years 2006-2015. The Society of Actuaries Research Institute convened a subgroup of the Group Life Experience Committee to gather and analyze industry data as the basis for an experience table to serve as an update to the 2005 valuation table. U.S. Group Life companies were surveyed for this experience study, which resulted in the largest dataset of waiver experience ever collected.