Working Paper 150: Proposed “16” Series term assurance mortality and accelerated critical illness tables

Working Paper 150 was published in April 2021 – note that a revised version of the working paper was released the same day. The working paper contains a consultation on the proposed “16” Series tables for mortality (including terminal illness) and for accelerated critical illness under non-rated term assurance policies, based on 2015-2018 data. The paper provides an overview of the dataset, describes the methodology used to produce the tables, including extending the tables to younger and older ages, and sets out accompanying analyses.

The proposed mortality tables were issued for consultation; the tables (which are unchanged from the proposed tables) were finalised alongside Working Paper 154.

There are three Excel spreadsheets issued alongside this paper:

  • The proposed “16” Series tables. This spreadsheet contains the proposed rates for ages 18 to 90. An updated spreadsheet has been issued alongside Working Paper 154 (although the rates themselves are unchanged).

  • All offices” results for 2015-2018, comparing the experience of the dataset with the proposed “16” Series tables.
  • The datasets that underlie the graduations. These datasets cover a wider age range than we considered appropriate for the graduations, allowing users to assess our choice of age range, grouping of durations and graduation formulae using the CMI Graduation Software, available alongside Working Paper 77.

Note: this paper and the spreadsheets are available to Authorised Users only

The Committee hosted a webinar in June 2021, which gave an overview of the proposed “16” Series tables and briefly covered the cause of claim analysis and analysis of term assurances experience to mid-2020. A recording of the webinar is now available to Authorised Users only.

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