The profitability of life insurance offerings is contingent on accurate projections and pricing of mortality risk. The COVID-19 pandemic created significant uncertainty, with dire mortality predictions from early forecasts resulting in widespread government intervention and greater individual precaution that reduced the projected death toll. We analyze how life insurance companies changed pricing and offerings in response to COVID-19 using monthly data on term life insurance policies from Compulife. We estimate event-study models that exploit well-established variation in the COVID-19 mortality rate based on age and underlying health status. Despite the increase in mortality risk and significant uncertainty, the results generally indicate that life insurance companies did not increase premiums or decrease policy offerings due to COVID-19. Nonetheless, we find some evidence that premiums differentially increased for individuals with very high risk and that some policies were removed for the oldest of the old.

中文翻译：

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COVID-19 是否改变了人寿保险产品？

人寿保险产品的盈利能力取决于对死亡风险的准确预测和定价。COVID-19 大流行造成了巨大的不确定性，早期预测的可怕死亡率预测导致政府广泛干预和更大的个人预防措施，从而减少了预计的死亡人数。我们使用 Compulife 定期人寿保险单的月度数据分析人寿保险公司如何改变定价和产品以应对 COVID-19。我们估计了利用基于年龄和潜在健康状况的 COVID-19 死亡率的成熟变化的事件研究模型。尽管死亡风险增加且存在重大不确定性，但结果普遍表明，人寿保险公司并未因 COVID-19 而增加保费或减少保单产品。