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….”