Understanding variable annuity policyholder behavior (infographic)

The 2018 Milliman VALUES Guaranteed Lifetime Withdrawal Benefit (GLWB) industry lapse study included 3 million policyholders from eight large variable annuity writers, representing roughly $350 billion of account value and covering a range of GLWB product designs as well as demographic attributes.

The experience spanned 2007 to 2017 and studied patterns of lapse behavior relative to product structure, guarantee value, and past withdrawal behavior. This infographic illustrates policyholder behavior.

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