A large insurer has moved all of its life insurance products to the 2001 Commissioners’ Standard Ordinary Mortality Table.
The life insurance unit of MetLife Inc., New York, completed the shift by releasing a 2001 CSO version of its whole life policy, MetLife says.
The introduction of the new whole life product will not affect holders of MetLife whole life products already in force, but members of existing group term life plans will be able to convert to the new whole life product, MetLife says.
The new whole life policy will offer lower premiums for most nonsmokers, and it will offer a higher internal rate of turn for the 10th and 20th policy years, MetLife says.
MetLife also has updated the policy’s optional paid-up additions insurance rider. The premium load has fallen to 3%, from 5%, the company says.