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2023-2025 Term and Whole Life Lapse and Surrender Experience Study Data Request

The Society of Actuaries Research Institute (SOA) and LIMRA are soliciting surrender and lapse experience for individual Term and Whole Life policies for calendar years 2023 through 2025 to be used to complete a 2023-2025 Term and Whole Life Lapse and Surrender Experience Study.

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 term and whole life insurance products. The last term and whole life lapse/surrender study covered calendar years 2015-2022 and was published in 2024.

The goals of this update are to:

  • Provide a detailed analysis of surrender/lapse activity for all term and whole life products including:
    • Level premium term
    • Annually renewable term
    • Whole life participating products
    • Whole life non-participating products
  • 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 2028 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
  • Other outputs as determined by the SOA Research Institute and LIMRA

Materials

2023-2025 Term and Whole Life Lapse and Surrender Experience 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.