Universal Life - Whole Life or Any Plan - History Rewritten

  • Universal Life is not well understood and part of the mystery about it may well be due to a failure in my communication......
  •    .......Universal Life was developed in 1962 as a generic plan, which means that it subsumes all other life insurance products.

1987 - THE SEARCH FOR NEW FORMS OF LIFE - George R. Dinney

WHO CONCEIVED THIS INSTRUMENT? - Universal Life

  • Subject to responsibility being accepted (and documented) by somebody else, we hold that the father is George R. Dinney, and the place of conception Winnipeg, Canada.

1981 - Who Conceived this Instrument? - The Actuary, Society of Actuaries

WHO BROUGHT IT INTO THE INSURANCE WORLD? - Universal Life

Quoting further from Mr. Dinney's answer to our letter:

  • In the mid-1960's I explained the plan to Thomas P. Bowles.
  • In 1975 Mr. Bowles' associate, James C. H. Anderson, made a singular contribution to the technical development of modular product in his paper,
    'The Universal Life Insurance Policy,' to the 7th Pacific Insurance Conference in California."

1981 - Who Conceived this Instrument? - The Actuary, Society of Actuaries

  • In the 1970s and 1980s, life insurance companies introduced two variations on the traditional whole life product: universal life insurance and variable universal life insurance. (17p)

2010 - III - Insurance Handbook A guide to insurance: what it does and how it works - [PDF-205p]