In this article, we discuss key product development and pricing considerations, the advantages of offering many living benefit riders on a single life insurance policy, and considerations when filing these products for review and approval for entering the market. The riders include those for:

• Terminal illness, defined as illnesses causing death within six to 24 months
• Chronic illness and long-term care if the insured is unable to perform some activities of daily living
• Critical illness, such as a heart attack, a stroke, cancer, or major organ failure

This article was originally published by the Society of Actuaries.

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