Starters - Universal Life - Premium

  • Also, because most people presume that if you pay your premium continuously, your policy will remain in effect, quite a few people had a hard time understanding how or why the policy would terminate in policy year 31.
  • This was simply foreign to their way of thinking.

     

    1990-1A NAIC Proceedings - NAIC LIMRA - Universal Life Disclosure Form Test Market Results - 10p - Consumer Testing

Lastly, this seems to be like a bank account plus some kind of term insurance rider.

  • If that is the case, how does an agent program somebody?
  • How does he tell a person what he needs to pay to keep his premiums level or to have paid-up insurance at age 65? (p802)

1979 - FUTURE TRENDS AND CURRENT DEVELOPMENTS IN  INDIVIDUAL LIFE PRODUCTS, Society of Actuaries - 24p - rsa79v5n44

The agent said that Universal Life policy premiums would stay the same, but I came to realize that this is not true of our policies.

...what bothers me is that I am afraid that this same misleading information may be the basis of my children's and grandchildren's ... planning...

STATEMENT OF GLORIA DARLEEN NEWBERRY

1993 - GOV - When Will Policyholders Be Given The Truth About Life Insurance - 354p

2017/11/15 Letter, LIBGWG, ACLI Redlined Draft

Unlike a term policy, which can end after a specified number of years, permanent life insurance will continue to the policy’s maturity age so long as premiums are paid.

(Note that this isn’t exactly accurate for UL, where policies can continue as long as the cash value is sufficient to pay the policy charges. We may want to make that distinction.)  <<< ----ACLI Wording <BonkNote>>>>

The personalized information in the Policy Overview is the premium for the policy – based on information known to the producer or insurer at the time and subject to change based on additional or revised information – and that information can be provided prior to purchase.

If an insurer can produce an illustration for a complex, investment type life insurance product prior to the consumer purchase, it is clearly possible for an insurer to provide the premium for a policy prior to purchase.

2019/8/30 - LIIIWG - CEJ Letter