Lastly, this <Universal Life> seems to be like a bank account plus some kind of term insurance rider.
-- Allan W Sibigtroth
1979 - FUTURE TRENDS AND CURRENT DEVELOPMENTS IN INDIVIDUAL LIFE PRODUCTS, Society of Actuaries - 24p - rsa79v5n44
RE: Proposed Regulations Concerning the Valuation of Universal Life Insurance Plans
The regulation provides for the pre-funding of cash values, so that the amounts will be available upon policyholder demand, and will not be contingent upon sufficient surplus being available at that time to cover what is the equivalent to a demand deposit. (p434)
1988-2, NAIC Proceedings
… the life insurance industry has developed new products that contain predominantly investment features similar to those offered by depository institutions. (p93)
-- WILLIAM S. MCKEE, TAX LEGISLATIVE COUNSEL, DEPARTMENT OF THE TREASURY
1983 0311 - GOV - Taxation of Financial Services Industry (HRG98) - 356p
- These products, mostly single premium deferred annuities (SPDAs) and guaranteed investment contracts (GICs), differ from what insurance companies have traditionally offered customers.
- They are sold on the basis of their high fixed rate of return and
have more in common with bank certificates of deposit than with other insurance products.
1992 - FRB - SPDAs and GICs: Like Money in the Bank? (p. 2)
Cash Value life insurance can operate as an investment vehicle that combines life insurance protection with a financial instrument that operates similarly to bank certificates of deposit and mutual fund investments.
2005-2006 - GOV - TAX EXPENDITURES Compendium of Background Material on Individual Provisions - Senate Committee Print 109-72 109th Congress