• It's very possible to have a 25-year term with zero cash value, using a UL product. 
• UL products go the complete spectrum of selling low premiums or high premiums.
• There is a company that is issuing a UL product that is a level premium for 30 years.
• Since the advent of the Technical and Miscellaneous Revenue Act of 1988 (TAMRA), many companies and agents are apprehensive about selling a high premium product.
• Basically, the high premium product is used to imitate the participating product.
• We've gone away from that, in trying to go in for low premiums and for longer durations.
• It's very possible to have a 25-year term with zero cash value, using a UL product. 
• We all understand the opposite effect, of how everybody is trying to use the UL as a cash accumulator, using it as an investment and trying to maximize the contribution that can be put into it.
• Tax law, valuation law, compensation, all tend to regulate the product, not the function.
• And, with the advent of TAMRA, we are regulating how much money can go into a life product at specific durations at least for the first seven years and the combination of annuities and/or premium paid in advance, and shifting the cost between them to minimize the tax effect to the insured.

1990 - Life Product Development, Society of Actuaries