Living benefit riders to life insurance policies: Pricing considerations and strategy
15 October 2021
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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