This paper explores the use of long-term stochastic modelling for risk management. Life insurance is a long-term business and carries with it long-term risks, yet a lot of current actuarial risk management is focused on short-term modelling approaches. The paper discusses the limitations inherent within existing approaches and considers how the focus of the next generation of actuarial models may be on long-term stochastic models. The paper also explores how existing techniques, together with new approaches, can be used to develop such models and the benefits of these.