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.