In 2021, Milliman conducted its third biennial broad-based survey on term life insurance. The survey captured historical data for key industry competitors, as well as company perspectives on a range of issues pertaining to these products into the future. Survey topics and questions were determined based on input from participants in the 2019 survey, as well as Milliman consultants. We discuss term sales details, and then cover the drivers of pricing, such as:
- Profit measures
- Target surplus
- Reserves
- Risk management
- Underwriting