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Life Health > Life Insurance

Policy Strengths61101

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Policy Strengths

AIG Gemstone Life

33 investment options managed by 14 well-known fund families; broad mix of underwriting classes; true “wash loan” feature beginning in year 11; credits interest 3% over the current guaranteed account crediting interest rate in first 6 months; client-directed fund deductions.

Allmerica’s VUL 2001

Low premium outlay; income-generating features: preferred zero-cost loans and low fixed loan rate; strong long-term policy performance; wide selection of investment options; high rolling targets and unique application process.

American General (American Franklin) EquiBuilder III

Can earmark net premiums among attractive diverse investment options.

American General Platinum Investor III

Zero net cost loans; flexible premium and coverage amounts; extensive selection of riders for customized coverage.

American General (United States Life) Platinum Investor

Zero net cost loans; flexible premium and coverage amounts; extensive selection of riders for customized coverage.

Ameritas Variable Life Overture Applause II

All equity style boxes represented for complete diversification of investments; balanced producer compensation and product performance; used for higher-band cases.

Ameritas Variable Overture Encore!

All equity style boxes represented for complete diversification of investments; balanced producer compensation and product performance; used for lower-band cases.

Canada Life Prestige series VUL

Designed for long-term cash values and death benefit performance; flexibility through term riders; lifetime death benefit guarantee available as a rider; full commission on the first target premium even if it is paid in future years.

CNA Capital Select Dimension Four Flexible Premium

Death benefit continues beyond age 95 (insurance charges cease); streamlined load structure; no policy fee; VA-type liquidity option; term conversion program.

CNA Capital Select Dimension One VUL 2000

Multiple fixed account options; full complement of riders; strong policy guarantees; term conversion program.

GE Life & Annuity Protection Plus

Strong fund lineup including 41 funds from 11 managers; strong impaired risk underwriting.

General American Life VUL 2000

Highly attainable elite risk class; 35 investment funds including 10 unique SEI “manager of manager” funds; 7.25% general account returns; reduced S&P 500 Index fund management fee; lifetime coverage rider beyond age 100 (after 100 no COIs charged/no premium is required).

Guardian Life Park Avenue Life

31 investment options; exchange provision allows the policyholder to exchange face to a level premium whole life policy prior to age 70 or second anniversary without evidence of insurability; guaranteed death benefit feature provides a guaranteed death benefit to age 100 and is coupled with a fixed level premium to age 75 or the 10 policy anniversary if later, at which time the level premium will be redetermined and will then will be fixed to age 100.

Guardian Life Park Avenue VUL

Death benefit option 3 provides a death benefit equal to the face amount plus net accumulated premiums; ability to choose between one of two Section 7702 tests; exchange provision allows the policyholder to exchange face to a level premium whole life policy prior to age 70 or second anniversary without evidence of insurability.

John Hancock Medallion VL Edge

High target premium levels; competitive on long-term values; complements Medallion VL Plus, which is also strong over the long term, but offers higher early surrender values (both products include long-term guarantees).

Jefferson Pilot Ensemble III

Performs well in both low-premium/death-benefit-oriented sales, and high premium/cash accumulation sales; guaranteed monthly accumulation value adjustment; zero spread loans on cash values > GSP contractually guaranteed; death benefit maintenance rider provides guaranteed non-forfeiture values; attainable preferred-plus issue class.

Kemper Investors Zurich Kemper Life Investor

41 funds; competes favorably in over-funded premium payment scenarios and provides zero net cost loans on earnings; unique application process.

Lincoln National Life VUL CV II

Competitive in cash-out scenarios while still providing a significant death benefit at age 100; lifetime guaranteed death benefit available; target is clients desiring supplementary retirement income, accumulation and liquidity for deferred compensation; accounting value rider.

Lincoln National Life VUL DB

Death-benefit-focused, affordable insurance; competitive when comparing premium per dollar of death benefit; 10-year death benefit guarantee; corporate use through accounting value rider and change of insured rider.

Manulife Financial Venture VUL

Competitive premium solves; unique 20-year no-lapse guarantee; flexible term insurance rider; preferred rates to age 90; over 45 investment options; quit smoking incentive provides lower COI rates during first three policy years for smokers.

Midland National Life VUL 4/ Variable Executive UL 2

Designed for long-term middle-income person; low cost with values accessible at retirement though zero-cost loans on a guaranteed no-taxed basis.

Massachusetts Mutual VUL II

Long-term secondary-guarantees and several rider options and features for flexibility.

National Life VariTrak

Low cost structure and competitive cash value accumulation; accelerated benefits rider and chronic illness provision that accelerates benefits on a discounted basis in the event the insured cannot satisfy 2 of 6 activities of daily living.

New England Financial Zenith Flexible Life 2001

Competitive death benefit and cash value performance; new “inside” term to age 100 rider allows top competitive performance throughout policy’s duration.

New York Life (NYLIAC) VUL 2000

3-year no lapse provision (except in N.J.) to help clients acclimate to market risk; performs best when well funded; interest sweep, asset reallocation, dollar cost averaging and expense allocation options available at no cost.

Northwestern Mutual Variable CompLife

Flexibility achieved through the use of variable whole life, additional protection, additional premiums and lump sums; participating and expects to pay dividends with an early warning system to test additional protection after guarantee period has expired to ensure adequate funding to age 100.

Ohio National Life Vari-Vest Asset Builder

Designed for competitive long-term cash accumulation and distribution strategies primarily at higher funding levels; guaranteed reducing M&E, low guaranteed loan rates and guaranteed zero net cost loans for policy income; guaranteed death benefit option.

Pacific Life Select Exec II

Competitive performance and compensation in both long-term cash accumulation and death benefit sales; fixed account option which pays a fixed rate with performance similar to a UL-type product; first-year transfer program which allows the policyholder to dollar-cost average with the fixed account; COI rates are guaranteed for either 5 or 10 years at no charge; accounting benefit rider; recently increased target premiums.

Penn Mutual Life Cornerstone VUL IV

Cash accumulation design with strong income streams; unique disability benefit waives monthly charges and credits a monthly deposit; return of premium, enhanced coverage, and business accounting riders available.

Phoenix Individual Edge

Low COIs; no front-end sales load; individual term rider; issue ages to age 85; trail commissions; M&E charge contractually guaranteed to reduce from 0.80% to 0.25% in years 16+; 42 subaccounts (plus 1 GIA option); whole life exchange rider allows client to switch to a whole life contract at the later of age 65 or the 15th year; cash value accumulation test rider available.

Principal Life PrinFlex

Designed for accumulation values; separate accounts in all Morningstar style boxes; high target premiums.

Protective Life Premiere II VUL

Designed for heavily funded sales and long-term accumulation as well as supplemental retirement income.

Provident Mutual Options Premier

Competitive product performance and value-added service; support to distribution partners.

ReliaStar Life Flex Design

1035 exchanges with loans (full commission); term rider on base insured to age 100; low M&E charges; cash value test; death benefit option c (face amount plus premium) for business cases; issue age to 85; high cash distribution potential; no commission reduction for policies with issue ages over 65.

Security Life of Denver First Line II

Includes a continuation of coverage feature that will extend benefits past age 100; adjustable term rider; dollar cost averaging and automatic rebalancing; unlimited transfers between subaccounts with an unlimited number of investment options.

Security Life of Denver Strategic Advantage II

High early cash values make it especially valuable for COLI and deferred compensation; features include the dynamic adjustable term rider and extended maturity option; unlimited subaccount transfers and the number of investment options and an unlimited number of investment options.

Security Life of Denver Asset Portfolio Manager

Designed for accumulation potential and flexibility; nine-year surrender charge period; strong supplemental retirement income; especially competitive in minimum premium to carry/endow solves with ratcheted M&E charges; continuation of coverage is for the full death benefit; two compensation packages; preferred class for tobacco users; adjustable term rider for maximum flexibility.

Southland Life

Zero net interest-cost preferred loans beginning in the 11th year; continuation of coverage available after age 100; designed for supplemental retirement income and wealth transfer.

Sun Life of Canada Futurity VUL

Adjustable coverage amounts; allocation among a broad range of investment options; retirement income through policy loans or partial surrenders.

Travelers Variable Life Accumulator

Designed for an accumulation and income need; features a full death benefit coverage extension; funds are invested in the chosen allocation even during the free look period; three commission options (2 asset-based trails); free withdrawal privilege in years 2-10 of 10% greater of premium or cash value.

Travelers Variable Life

Designed for death benefits with a low premium to endow; 37 funds from 16 fund managers; M&E guaranteed to drop to 20 basis points in year 16; 10-year and lifetime no-lapse provisions; full death benefit coverage extension; investment as of day one in the subaccounts; three commission options; 1035 exchanges with up to 50% loans; two disability riders including waiver of specified amount to guideline annual premium.

Union Central Life Excel Choice

Low policy expenses for maximization of cash values and retirement incomes with a low net loan cost; efficiency will often outperform products with wash loan provisions; company passes back future product enhancements to in-force policyholders.

Reproduced from National Underwriter Life & Health/Financial Services Edition, June 11, 2001. Copyright 2001 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.

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