Universal Life - History
- Background
- When universal life was first popularized about 20 years ago, there was considerable controversy with regard to nonforfeiture compliance.
- Was it term plus a side fund?
- Whole life with flexible premiums?
- Or something entirely different?
- When universal life was first popularized about 20 years ago, there was considerable controversy with regard to nonforfeiture compliance.
2001 - SOA - Universal Life, No-Lapse, and the Law vs. Free Markets, Society of Actuaries, by David J. Hippen, actuary at the Florida Insurance Department - 5p
- Universal life is just now entering its second decade.
- It was during 1981 and 1982 that U.S. life companies began rushing to bring out their version of this new type of product.
- Today's products are considerably different than those introduced 10 years ago.
- The early products had relatively high-per-thousand and percent-of-premium loads and virtually no surrender charges.
- The early products were generally simpler than today's products.
- Universal life product design is changing only slowly at present.
- The following tables track recent product design changes using data taken from the Tillinghast Universal Life Analytical Study (TULAS). - <WishList>
- This is a study of universal life products published monthly for Tillinghast clients.
- It studies the features of about 250 universal life products.
-- Thomas W. Reese
1991 - SOA - Individual Life Product Development Update, Society of Actuaries - 34p