• Unbundled retirement annuities. Unbundling annuity assets would facilitate thinking of annuities in a manner similar to how the market thinks about universal life insurance.
• Universal life unbundles life insurance by separating out the accumulation amount (the investment component) from the cost of life insurance (the death benefit component).  (p102)

2008 - CFA Institute - The Future of Life-Cycle Saving and Investing, Second Edition - 206p