Term Life – Implications of the End of Level Premium Period
نویسنده
چکیده
www.scor.com/SGLA Every day hundreds of term life policyholders receive 60-day notices of rate changes because their level premium guarantee is coming to an end. And the premium jumps can be jaw dropping – often 5 to 10 times the rate paid during the level period. In response, most policyholders lapse their contract when the level premium period ends or within a few months thereafter – the shock lapse. Although product actuaries assumed this would happen when they began developing these products more than a decade ago, there was no real experience available at the time to guide their expectations.
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