RGA Reinsurance Company and Future System Advisors L.L.C. have picked McCamish Systems L.L.C. to administer policies for a new life insurance product.[@@]
Details about the life product are unclear, but Future System, Baton Rouge, La., says it has invented a new type of planning strategy.
RGA, a unit of Reinsurance Group of America Inc., St. Louis, has licensed the rights to the planning strategy and built it into a new type of life product designed in such a way that “premium, cash value, and death benefit components work ‘independently,’ not ‘inter-dependently,’” Future System says on its Web site.
“The Future System Life Model is literally a new form of life insurance,” Future System says. “It is not whole life, term, paid-up insurance, single-premium insurance, variable life, or any other form of life insurance you know…. The Future System Life Model is actuarially closer to an annuity than any other life product….”
Future System says patents for the new life product and a Web-based planning system to be used with the product are pending.
RGA and Future System hope to market the new life product and planning system to life insurance companies, McCamish says.
McCamish says the first products based on Future System’s work should reach the market in the summer of 2006.