Q: What Came First Universal Life or Adjustable Life?

The Life Insurance Co. of California was the first to sell the universal policies, in January 1979. Its name later was changed to Hutton Life.

1981 0511 – NP – Ventura County Star / NYT – ‘Universal’ insurance making gains – newspapers.com/article/ventura-county-star/146622810/

Tom BAKOS: Well, I guess I’d just like to mention that I think actually UL was developed in 1960-something-or-other.
FROM THE FLOOR: That was adjustable life.
Tom BAKOS: I think Cannibal Life was the precursor.

2003 – SOA – Do You Know How Much You’re Spending? The Hidden Costs of Product Complexity, Society of Actuaries – 19p

Cannibal Life is a medium-size stock life insurance company owned by a powerful non-financial company.
- Its management and that of its parent company are aggressive and non-traditional; its agency organization is traditional and commission-oriented.
- At the urging of its parent company, Cannibal Life decides to adopt a completely new marketing strategy designed to achieve major market penetration.
- It decides to withdraw all currently issued life insurance plans and to offer only the Universal Life Insurance Policy, notwithstanding the risk of losing its entire agency organization.

1975/1999 – SOA – The Universal Life Insurance Policy, by James C. H. Anderson, Society of Actuaries – 10p

Unfortunately the terminology that has developed to describe adjustable life and universal life has been confusing.
- Many insurers have used the word adjustable in the title or name for their universal life policies.
- Consequently many agents have come to regard adjustable life as simply an alternate name for universal life.
- Many of them are unaware that generic adjustable life policies predate universal life.

McGill’s Life Insurance – [link-Adjustable Life]