2022-2025 Universal Life Lapse and Surrender Study Data Request

The Society of Actuaries (SOA) and LIMRA are soliciting policy surrender/lapse experience for flexible premium universal life (UL) products for calendar years 2022 through 2025.

The SOA Research Institute and LIMRA are partnering together to complete industry experience studies. Under this partnership, the two organizations plan to update a study focused on the lapse and surrender experience of flexible premium universal life insurance products, including the presence of any lifetime secondary guarantee. The last lapse/surrender study covered calendar years 2015-2021 and was published in 2024.

The goals of this update are to:

Provide a detailed analysis of surrender/lapse activity for all flexible premium universal life business including:
- Traditional Fixed UL with or without a lifetime secondary guarantee
- Fixed Indexed UL with or without a lifetime secondary guarantee
- Variable UL with or without a lifetime secondary guarantee
Provide experience broken out by several factors, including age of owner; distribution channel; contract duration; and various product and rider features.

Please see the linked data request document under “Materials” for instructions on data submission and format. The experience data is due to LIMRA by November 15, 2026.

Results will be made available with a 2027 subscription to Experience Studies Pro.

The following may be included in the outputs made available through the subscription:

Detailed experience study report with analysis and commentary;
A set of data visualization dashboards with the ability to filter on and drill down into the detail of the results of the study;
Dataset(s) containing the aggregated experience collected for the purpose of this study. The datasets may be made available in Excel files, text files, or downloads from the data visualization tool;
Models or other tools developed to support the analyses completed in the study; and
Other outputs as determined by the SOA Research Institute and LIMRA.

Materials

2022-2025 Universal Life Lapse and Surrender Study Data Request

Questions Or Comments?

For more information, please refer to the data submission instructions and feel free to contact us with any questions at StudyPro@soa.org.