DIY - Do It Yourself

28 Oct 1981, Wed Journal and Courier (Lafayette, Indiana) Newspapers.com

  • In fact, it is accurate to describe Universal Life as a generalized version of the actuarial formulas underlying traditional life insurance products.
    • In other words, it is possible to produce any traditional plan of insurance from the generalized formulas underlying universal life.  (p448)

--   Alan Richards, president and chief executive officer of E. F. Hutton Life Insurance Co.

1983 0510, 0511 and 0728 - GOV (House) - Tax Treatment of Life Insurance - [PDF-991p-GooglePlay

Universal Life Insurance... afford(s) purchasers greater flexibility in designing their contracts so as to meet their individual needs. 

--  ACLI - Statement Of The  American Council Of Life Insurance, Before The NASAA/NAIC Joint Regulatory Insurance Products Study Committee,  August 31,1981 - 10p

1982-1, NAIC Proceedings

  • The insurance function also saw slightly more DIY products, giving households greater control.
    • These new products included universal- and variable-life plans.

2010 - AP - A Brief Postwar History of US Consumer Finance, Harvard Business School - 53p

  • It would be most useful if the updated illustration was designed to fit the needs of the policy owner.
    • The insurer won't have this information.

1995-1, NAIC Proceedings

  • In fact, a UL policy will turn out to provide term life insurance, whole life insurance, or endowment insurance, depending on the premiums paid and other policy factors.
    • [Bonk: UL = Universal Life Insurance]

2015 - Book - Life Insurance, Black Jr., Skipper, Black III, (Huebner Series)

  • PAGE 5 - Drafting Note: The drafters chose a whole life initial expense allowance for several reasons.
    • Although highly flexible, universal life insurance is generally considered a permanent life insurance plan.
    • Most companies encourage a premium level which will provide lifetime insurance protection.
    • Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be computed which would guarantee permanent protection.
    • As a result, it is expected that most universal life insurance policies will be sold as permanent plans.

NAIC - Universal Life Insurance Model Regulation - 585

Universal Life Model Regulation – Snippets

  • In terms of breaking permanent life insurance up into a sort of do-it-yourself or build-your-own whole life policy parallel to the cafeteria approach for group benefits, one of the things that I can see happening in the 1980's -- and it will come about as an indirect result of the disclosure activity -- is that the amount of money that is tied up in life insurance premiums for putting business in force will become evident...

--  John R. Gardner

1980 - SOA - The Future of Permanent Life Insurance, Society of Actuaries - 28p

  • It's very possible to have a 25-year term with zero cash value, using a UL product.

--  Lawrence Silkes

1990 - SOA - Life Product Development Update (rsa90v16n4b6), Society of Actuaries - 20p

  • VIDEO: Exam MLC Problem 297 - "Learning Objective "Universal Life."  Question: Calculate the Level Annual Premium that results in an account value of 0 at the end of the 20th year." - UW- Madison / Society of Actuaries
    • [Bonk: Goal --> use a Universal Life policy to design a 20-year term policy.]