The most recent review of universal and indexed universal life in Full Disclosure features 115 policies, including 33 indexed varieties. To accommodate as much information as possible we have divided the report into 2 parts–the indexed products already appeared in the Oct. 1, 2007 issue.
The latest data collection shows 14 brand new policies. This is a result of the implementation of the new 2001 CSO mortality tables by companies that chose to start from scratch rather than reprice existing policies. It is interesting to note that even though there are 14 new policies presented here, the total number (82) remains unchanged from our last update.
There are 3 excerpts in this report taken from the latest Full Disclosure UL/indexed UL edition. The largest chart includes illustrated values on a current basis and is accompanied by one featuring select minimum premiums necessary to guarantee the premium and death benefit to age 100 or for life (or age 121). A final table features retirement income from policies generally designed for maximum accumulation values. The parameters of the illustrations are included with the chart.
Current illustrations are based on a Male Age 40 with a best nonsmoker class (representing at least 15% of the contracts issued) paying a $7,500 annual premium and a $1 million policy. If our specified premium of $7,500 is too low to illustrate the policy for this age and face amount, the policies are blended with term insurance, if available. The death benefit type is level; however, a column is included with a true increasing death benefit for each policy to indicate which are designed to generate maximum death benefits. All of the data is current for products for sale on July 1, 2007.