Allmerica Financial Select Life Plus/VUL 2001
Feature-laden plan designed for low premium outlay; maximum income through preferred zero-cost loans and low fixed loan rate; dollar cost averaging and automatic rebalancing; flexible allocation rules; high rolling target premiums; unique application process.
Ameritas Variable Life Overture Ovation!
Designed for high long-term cash values and maximum retirement income; favorable underwriting; competitive producer compensation; legacy asset and term rider provides enhanced cash values, premium flexibility.
American General Life Platinum Investor III
Equally strong in creating retirement income or low cost death benefit; high issue age; competitive loan spreads and preferred zero net cost; asset allocation and automatic rebalancing; dollar cost averaging; selection of riders for customized coverage; contractually guaranteed M&E charges and admin. fee; strong retirement income.
Canada Life Prestige Series VUL
Designed for long-term cash values and death benefits; flexible term riders; lifetime death benefit rider; full commission on first target premium even if paid in future years.
Features include an option C death benefit which provides as a death benefit the specified amount plus the return of premiums less total withdrawals and a 20- and 30-year no-lapse guarantee feature; contains a 5-year no lapse guarantee if minimum premiums met.
Equitable Life Incentive Life
Performs well in cash accumulation and death benefit protection sales; enhanced death benefit guarantee rider and paid-up death benefit guarantee provision; non-guaranteed customer loyalty credit; preferred loans beginning in year 16; incentive term rider improves performance and accounting benefits endorsement for business sales improves policy values in early years.
General American Life American Vision VUL 2002
Designed to maximize cash accumulation and retirement income; asset allocation modeling, dollar cost averaging and two types of portfolio rebalancing (periodic, variance); elite class and table shaving; age 100 guaranteed death benefit option.
Guardian Insurance & Annuity Park Avenue Life Millennium Series
Designed for competitive cash accumulation with a fixed level premium; exchange of policy provision to a level premium whole life prior to age 70 or the second anniversary (original age; no evidence required.); guaranteed death benefit to age 100 coupled with the fixed level premium (premium re-determined at age 75, or 10 years, then fixed to age 100).
Guardian Insurance & Annuity Park Avenue VUL Millennium Series
Flexible product competitive at low level premium or for high cash value and maximum retirement income; death benefit option 3 equal to the face amount plus net accumulated premiums; choice of two Section 7702 tests; exchange of policy provision to a level premium whole life prior to age 70 or the second anniversary (original age; no evidence required).
Jefferson Pilot Financial Ensemble III
Performs well in low premium/death benefit oriented sales or high premium/cash accumulation sales; low premiums to carry; secondary death benefit guarantees up to 20 years; guaranteed monthly accumulation value adjustment; zero-spread loans on cash values over guideline single premium contractually guaranteed; flexibility through death benefit maintenance and supplemental coverage rider; attainable preferred plus underwriting class.
John Hancock Life Medallion Variable Life Plus/Edge
Strong early values with strong long-term death benefit guarantees.
Kemper Investors Life Zurich Kemper Life Investor
Strong in over-funded premium scenarios; zero-net cost loans on earnings; unique “TeleLife” application process.
Lincoln Benefit Life Consultant VUL
Designed to accumulate and distribute cash efficiently; strong guarantees (death benefit, mortality bailout, wash loan and maturity rider).
Lincoln Life VUL CVIII
Designed for cash value accumulation; competitive in cash out scenarios while still providing significant death benefit at age 100; 10-year, 20-year, and lifetime guaranteed death benefit available; maximum retirement income; accounting value rider for business applications.
Lincoln Life VUL DBII
Designed for long-term death benefit needs with low premium outlay; can provide for efficient transfer of wealth from generation to generation; designed for flexibility and long-term changes.
Manufacturers Life Venture VUL Protector
Competitive premium solves; extended no lapse guarantee to age 100 (a 20-year no-lapse guarantee automatically included); flexible term rider; preferred rates to age 90; quit smoking incentive (lower COI rates during first three policy years for smokers).
Manufacturers Life Venture VUL Accumulator
Three commission and load options; strong in highly funded sales with maximum cash value accumulation; tax-preferred loans and withdrawals for income purposes; adaptable to three distinct markets.
MassMutual Financial VUL II
Long-term secondary-guarantees; several rider options for flexibility; full death benefit guarantee for the life; competitive premiums; five underwriting classes including two preferred non-tobacco classes and a preferred tobacco class.
Midland National Life Advanced VUL
High early cash values when heavily funded (premium loads capped at two times target); three commission options; guaranteed zero cost loans in years 11+; designed as low cost variable life insurance.
Midland National Life Premier VUL
Designed as low cost VL insurance with strong long-term cash accumulation; strong at high face amounts; efficient cash value performance for the premium; guaranteed zero cost loans in year 6.
Midland National Life Foundation VUL
Competitive cash accumulation with strong supplemental retirement income and low cost long-term guarantees; guaranteed zero cost loans in year 6; optional guaranteed no lapse protection to age 65, 80 and 100; enhanced DCA crediting 10% for the first policy year.
MONY Life VUL
Competitive for richly funded protection, accumulation and funding scenarios; higher face amount loading fee discounts; COI banding up to $1 million; guaranteed low net cost policy loans; full death benefit guarantees to age 100; two maturity extension riders; term blending rider to age 100; waiver of specified premium rider; minimum guaranteed interest rate of 4.50%.
National Life VariTrak
Provides a low cost structure and competitive cash value accumulation; accelerated benefits rider and chronic illness provision that accelerates benefits on a discounted basis if insured cannot satisfy two of six activities of daily living.
Nationwide Financial The Best of America Protection FPVUL
A death benefit oriented contract designed for those customers whose primary concern is insurance coverage with cash value build-up being a secondary concern.
Nationwide Financial The Best of America Next Generation FPVUL
High cash value.
New England Financial Zenith Flexible Life 2002
Designed to maximize cash accumulation and subsequent retirement income; asset allocation modeling, dollar cost averaging and two types of portfolio rebalancing (periodic, variance). available elite class and table shaving; age 100 guaranteed death benefit option.
New York Life & Annuity VUL 2000
Interest sweep, asset reallocation, dollar cost averaging and expense allocation options are available at no cost; 3-year no-lapse provision but designed to perform best when well funded; life insurance benefit option 3; M&E charge deducted at the policy level.
Northwestern Mutual Variable CompLife
Flexibility achieved through use of different variable whole life, additional protection, additional premiums, and lump sums; policy is participating and expects to pay dividends; early warning system tests additional protection piece after the guarantee period has expired to ensure adequate funding to age 100; variable whole life component offers a guaranteed death benefit and guaranteed premiums 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; guaranteed zero net cost loans; guaranteed death benefit option.
Pacific Life Select Exec II
Flexible policy design via the ART and accounting benefit riders, persistency credit in years 16+; zero-net-cost preferred loan provision in years 6+; three compensation options; automated income option streamlines access to account values during retirement years; strong retirement income and death benefits; flexibility through riders.
Pan-American Assurance Co. VUL
Designed for maximum retirement income from high cash value accumulations; reduced paid-up non-forfeiture option makes policy almost lapse-proof; loan rescue; protection against tax disadvantaged lapses; strong compensation.
Penn Mutual Life Cornerstone VUL IV
Provides low premium to carry, low endowment premium, maximum retirement income, and long-term values; designed for cash accumulation with strong income streams; disability benefit waives monthly charges and credits a monthly deposit; return of premium , enhanced coverage, and business accounting riders.
Phoenix Life Individual Edge
No front-end sales load; individual term rider can lower insurance charges; issue ages to 85; trail commissions; M&E charge contractually guaranteed to reduce from 0.80% to 0.25% in year 16+; whole life exchange option rider allows 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 high accumulation values with high target premiums; separate accounts in all Morningstar style boxes.
Principal Life VUL Accumulator
Designed for high accumulation values with high target premiums; separate accounts in all Morningstar style boxes; works well in executive bonus, key person, and split dollar plans through support of business market administration unit; trail commissions in year 6; guaranteed zero net cost loans after year 10; three death benefit options; term insurance rider (up to 90%); competitive no-lapse guarantees.
Protective Life Premiere Provider VUL
Designed for high early and long-term cash values, as well as maximum retirement income streams; works well in heavily funded sales.
Protective Life Premiere II VUL
Designed with lapse protection, policy value credits, and a variety of funding options; high early and long-term cash values, as well as maximum retirement income streams
Provident Mutual Life Options Premier
Competitive cost structure with strong accumulation values to drive death benefits and policy distributions; long-term care rider.
Pruco Life PruLife Custom Premier
Designed for strong minimum premium to endow and supplemental income solves; competitive from heavily funded to minimally funded scenarios.
ReliaStar Life Flex Design
Flexible riders; 1035 exchanges with loans (full commission); term rider on base insured to age 100; low M&E charges; death benefit option C (face amount plus premium) for business cases; strong cash distribution potential; no commission reduction for policies with issue ages over 65.
Security Life of Denver Asset Portfolio Manager
Designed for accumulation potential, performance, flexibility and strong supplemental retirement income; strong long-term values; nine-year surrender charge period; competitive in a minimum premium to carry/endow solve; ratcheted M&E expenses; continuation of coverage for the full death benefit.
Security Life of Denver Strategic Investor
A levelized compensation product that works well in COLI and other business cases; high early cash values and no surrender charges; sales charge refund if surrendered in the first two years; flexible adjustable term rider.
Southland Life Market Dimensions
Death benefit guarantee option to age 100; designed for maximum retirement income with zero net-interest-cost preferred loans beginning in the 11th year; rolling target premiums; continuation of coverage available after age 100.
Sun Life of Canada (U.S.) Futurity Accumulator VUL
Supplemental insurance rider; no-lapse guarantee feature (for base and supplemental portions); low guaranteed M&E charges; automatic death benefit extension; maximum retirement income through guaranteed 0% spread loans after year 10.
Sun Life Assurance of Canada (U.S.) Futurity Protector VUL
Supplemental insurance rider; no-lapse guarantee feature (for base and supplemental portions); 3-year rolling target commission; low guaranteed M&E charges.
Travelers Life & Annuity Variable Life
Designed for low premiums and income solutions through efficient cash value accumulation; no charge for either 10-year or lifetime no-lapse feature (minimum required premium; low in first 10 years); extension of cash value and death benefit beyond age 100 (no COIs; can stay in funds); waiver of specified amount to guideline premiums.
Travelers Life & Annuity Variable Life Accumulator
Designed for maximum retirement income with a 10% free withdrawal provision starting year 2 and a guaranteed low net cost loan spread (2% first 15 years; guaranteed zero after); works well over funded; high target premiums; no charge for either 10-year or lifetime no-lapse feature (minimum required premium; low in first 10 years); extension of cash value and death benefit beyond age 100 (no COIs; can stay in funds); waiver of specified amount to guideline premiums.
Union Central Excel Choice
Emphasizes, through low policy expenses, maximization of cash value accumulation and distribution through surrenders and loans (low net loan cost); company passes back future product enhancements to in-force policyholders.
United States Life of NY Platinum Investor
Competitive loan spreads and preferred zero net cost; asset allocation and automatic rebalancing; dollar cost averaging; large case underwriting team; selection of riders for customized coverage; contractually guaranteed M&E charges and admin. fee; strong retirement income.
Western Reserve Life Freedom Elite Builder
Designed as a cash value product; banded cost of insurance; no premium expense charges for higher face amount bands.
Western Reserve Life WRL Freedom Elite
Designed as a cash value product; no premium expense sales loads.
Reproduced from National Underwriter Life & Health/Financial Services Edition, July 29, 2002. Copyright 2002 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.