Q: What came first Universal Life or Adjustable Life?

Unfortunately the terminology that has developed to describe adjustable life and universal life has been confusing.

  • Many insurers have used the word adjustable in the title or name for their universal life policies.
  • Consequently many agents have come to regard adjustable life as simply an alternate name for universal life.
  • Many of them are unaware that generic adjustable life policies predate universal life.

McGill's Life Insurance - [LINK-Adjustable Life]

  • MR. BAKOS: Well, I guess I'd just like to mention that I think actually UL was developed in 1960-something-or-other.
  • FROM THE FLOOR: That was adjustable life.
  • MR. BAKOS: I think Cannibal Life was the precursor.

2003 - SOA - Do You Know How Much You're Spending? The Hidden Costs of Product Complexity - 19p

Cannibal Life:

Cannibal Life is a medium-size stock life insurance company owned by a powerful non-financial company.

  • Its management and that of its parent company are
    aggressive and non-traditional; its agency organization
    is traditional and commission-oriented.
  • At the urging of its parent company, Cannibal Life
    decides to adopt a completely new marketing strategy
    designed to achieve major market penetration.
  • It decides to withdraw all currently issued life insurance
    plans and to offer only the Universal Life Insurance
    Policy, notwithstanding the risk of losing its entire
    agency organization.

1975/1999 - The Universal Life Insurance Policy, James C. H. Anderson, Society of Actuaries - 10p