Universal Life Insurance - Government Descriptions

  • Universal life insurance
    • A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection.
      • The policyholder can pay maximum premiums and maintain a high cash surrender value.
      • Alternatively, the policyholder can make minimal payments in an amount only large enough to cover mortality and other expense charges. (p1388)

2020 - Federal Reserve (FRB) - Bank Holding Company Supervision Manual - 1764p

--  Federal Reserve (FRB) - Commercial Bank Examination Manual

2016 11 - FIO - Report on Protection of Insurance Consumers and Access to Insurance - 58p

  • Universal Life – A form of permanent insurance designed to provide flexibility in premium payments and death benefit protection.
    • The policyholder can pay maximum premiums and maintain a very high CSV.
    • Alternatively, the policyholder can make minimal payments in an amount just large enough to cover mortality and other insurance charges. (p22)

2004 - OCC, FRB, FDIC, OTS - Interagency Statement On The Purchase And Risk Management Of Life Insurance - 28p

  • I’m excited to have the opportunity to welcome you to a new edition of USA.gov’s Consumer Action Handbook, your guide to being an informed consumer.

--  Marietta Jelks - Editor-in-Chief, Consumer Action Handbook


  • Whole (or universal) life insurance policies are considered permanent.
  • As long as you pay the premium, the policy is in effect.  (p32)

2015 Version - Consumer Action Handbook, published by USAGov, part of the U.S. General Services Administration’s (GSA) Office of Citizen Services and Innovative Technologies - 146p

  • Universal Life
    • This coverage has overshadowed the traditional whole life policy because the latter offers limited interest rates in its savings component.
      • Universal life has a pure insurance component and a professionally managed investment component.
      • This form of coverage is extremely flexible and complex, and demands a well-trained sales staff.

1994 01 - OTS - Office of Thrift Supervision - Examination Handbook - Section 720 (Other Activities) - 22p