Look - Blumenthal Deposition
- In my experience very smart people don't really know what all the components mean.
- I feel like it does lead to confusion.
- So, I think ... if you can refer to the eventual illustration and just show the cash value.
-- Teresa Winer (Georgia)
2019 0917, NAIC LIIIWG - <Bonk>
- In a Universal Life policy, you can choose a flexible premium payment pattern as long as you pay enough to keep your policy in force."
- Evaluate the Future of Your Policy
- Does your policy have a cash value?
- Ask your insurance agent, financial advisor, or an insurance company representative for an illustration showing future values and benefits
Life Insurance Buyer's Guide - © 2018 National Association of Insurance Commissioners
What I noticed was there is a requirement for in-force illustrations, and people may have thought they bought one thing and whenever you have to give them an in-force illustration with a current disciplined scale, they're going to realize they bought something else.
I think many companies will have serious problems with policyholder retention.
-- Mark J. Greene, FSA. MAAA, Supervising Actuary, New York State Insurance Department
1995 - SOA - Practical Illustrations and Nonforfeiture Values, Society of Actuaries - 14p