Living benefit riders to life insurance policies: Pricing considerations and strategy
Adding benefit riders to policies provides meaningful coverage for those who need it, and carriers usually can do so at a relatively low cost.
Milliman Supplemental and Specialty Research in 2021 conducted its inaugural State of the Market survey. With 2020 data for 15 products among 54 carriers, we aggregated sales and inforce results to assist with understanding the current status of the supplemental insurance market. The expectation is widely held in the industry that the effects of the COVID-19 pandemic has had an adverse impact on the sales of these products, which include the following: Accident Indemnity, Accident Medical Expense, Critical Illness, Hospital Indemnity, Basic Group Term Life, Voluntary Group Term Life, Supplemental Group Term Life, Worksite Life, Accident Death & Dismemberment, Short-Term Disability, Long-Term Disability, Dental, Vision, Short-Term Care, and Long-Term Care.