What came first Universal Life or Adjustable Life?
- Unfortunately the terminology that has developed to describe adjustable life and universal life has been confusing.
- Many insurers have used the word adjustable in the title or name for their universal life policies.
- Consequently many agents have come to regard adjustable life as simply an alternate name for universal life.
- Many of them are unaware that generic adjustable life policies predate universal life.
McGill's Life Insurance - [LINK-Adjustable Life]
MR. BAKOS: Well, I guess I'd just like to mention that I think actually UL was developed in 1960-something-or-other.
FROM THE FLOOR: That was adjustable life.
MR. BAKOS: I think Cannibal Life was the precursor.
2003 - SOA - Do You Know How Much You're Spending? The Hidden Costs of Product Complexity - [PDF-19p]
Cannibal Life is a medium-size stock life insurance company owned by a powerful non-financial company.
- Its management and that of its parent company are
aggressive and non-traditional; its agency organization
is traditional and commission-oriented.
- At the urging of its parent company, Cannibal Life
decides to adopt a completely new marketing strategy
designed to achieve major market penetration.
- It decides to withdraw all currently issued life insurance
plans and to offer only the Universal Life Insurance
Policy, notwithstanding the risk of losing its entire
1975/1999 - The Universal Life Insurance Policy, James C. H. Anderson, Society of Actuaries - [PDF-10p]