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2009-2023 Term Conversion Experience Study

Covering Term Conversion Incidence, Mortality, and Lapse and Post-Conversion Mortality and Lapse

Experience Studies Pro: SOA Research Institute and LIMRA

Table of Contents

Summary

The Society of Actuaries (SOA) Research Institute and LIMRA have jointly conducted a study of 2009-2023 Term Conversion Incidence, Mortality, and Lapse and Post-Conversion Mortality and Lapse Experience. It is an update to the Report on the Conversion Experience Study for the Level Premium Term Plans previously completed in 2016 and covering experience for calendar years 2000-2014.

Seventeen companies contributed data to the current study. This study of 2009-2023 calendar years contains 63.6 million in policies exposed, $31.4 trillion in face amount exposed, and over 600,000 conversions of term policies and 6.2 million in policies exposed and $955.8 billion in face amount exposed of converted permanent policies.

Public Materials

A report with high-level insights will be available in early 2026.

Standard Data Package

The Standard Data Package consists of:

  • executive summary
  • in-depth analysis report
  • interactive data visualization dashboards

Secure the 2025 Subscription to Experience Studies Pro

This study is included with a 2025 subscription to Experience Studies Pro. The studies included in the 2025 subscription are:

  • 2023-2024 Fixed Indexed Annuity Policyholder Behavior Study
  • 2023-2024 Fixed Rate Deferred Policyholder Behavior Study
  • 2022-2024 Variable Annuity Policyholder Behavior Study
  • 2015-2022 Group Long-Term Disability Incidence Study
  • 2009-2023 Term Conversion Incidence and Post-Conversion Mortality and Lapse Study

Please contact StudyPro@soa.org for pricing and information on how to access a 2025 subscription to Experience Studies Pro.

Access the Standard Data Package

If you purchased the standard data package, you can access it here.

Acknowledgments

LIMRA and the SOA Research Institute would like to thank the following companies for participating in the study by supplying data.

  • Ameritas Life Insurance Corp.
  • Farmers New World Life
  • Federated Life
  • Kansas City Life
  • Knights of Columbus
  • Legal & General America
  • Lincoln Financial
  • MassMutual Financial Group
  • New York Life Insurance Company
  • OneAmerica
  • Principal Financial Group
  • Sammons Financial
  • Securian Financial
  • State Farm Life
  • Western & Southern

LIMRA and the SOA Research Institute would also like to thank the Term Conversion POG for their diligent work developing the data request, overseeing the analysis and reviewing the report and dashboards for accuracy and relevance.

  • Mary Bahna-Nolan, FSA, MAAA, CERA
  • Dan Brandt, FSA
  • Stephen Cameron, FSA, MAAA
  • Barbara Crabtree, FSA, MAAA
  • Chandra Fox, FSA, MAAA
  • Bruce Friedland, FSA, MAAA
  • Nicholas Hemm, ASA, CERA
  • Kunal Kang, FSA, MAAA
  • Sebastian Kleber, FSA, MAAA
  • Donna Megregian, FSA, MAAA
  • Yana Shergina, FSA, FCIA
  • George Silos, FSA, MAAA, CERA