Summary
The 2025 Individual Life Insurance Mortality Improvement Scale, developed by the Society of Actuaries (SOA) Research Institute and the American Academy of Actuaries, provides updated Historical Mortality Improvement (HMI) and Future Mortality Improvement (FMI) assumptions for individual life insurance valuation under AG38 and VM20. For 2025, the methodology uses insured population mortality data from 2011–2019 for most adult ages instead of U.S. general population data. The scales vary by attained age and sex and were accepted by the NAIC Life Actuarial Task Force for the 2025 valuation year.
Key Findings
- The 2025 scales are approved for AG38 and VM20 valuation use.
- Insured mortality data replaces general population data for most adult ages.
- The updated data source produces higher mortality improvement rates at some ages.
- Normalization adjusts for underwriting, risk class, distribution, and market changes.
- Younger and older ages use alternative methods where insured data is less credible.
- Mortality has largely returned to pre-pandemic levels at most ages.
- Future mortality improvement blends recent experience with long-term SSA assumptions.
- Ages 22–44 receive special treatment due to recent mortality deterioration.
Previous Mortality Improvement Scales
Individual Life Insurance Mortality Improvement Scale – for Use with AG38/VM20 – 2024
Individual Life Insurance Mortality Improvement Scale – for Use with AG38/VM20 - 2023
Individual Life Insurance Mortality Improvement Scale – for Use with AG38/VM20 - 2022
Individual Life Insurance Mortality Improvement Scale Recommendation – for Use with AG38/VM20 - 2021
Mortality Improvement Rates for AG-38 for Year-End 2017
Mortality Improvement Rates for AG-38 for Year-End 2016
Mortality Improvement Rates for AG-38 for Year-End 2015
Mortality Improvement Rates for AG-38 for Year-End 2013
FAQs
The major change is the use of insured population mortality experience rather than U.S. general population experience for most adult ages.
Mortality experience has largely moved back toward pre-pandemic patterns, but improvement varies considerably by age.
The methodology does not assume that recent mortality trends will continue indefinitely.