Life of Virginia

Its fundamental “mechanics” are indistinguishable from those underlying traditional life insurance products.
- [Bonk: Its = Universal Life]

— Samuel H. Turner, President – The Life Insurance Company of Virginia

1982 – Journal of Insurance Medicine – 1p

TEFRA has also assisted Universal Life sales considerably and will continue to do so.
As the Life of Virginia ads say, “Universal Life is the only product specifically approved by Congress.”

— Randall P. Mire

1983 – SOA – Universal Life (rsa83v9n32), Society of Actuaries – 22p

The Universal Life product is viewed by most as an evolutionary product, not as a revolutionary product, in terms of its design and structure.
Consider some of the characteristics of flexible premium annuities: flexible premiums; disclosure of loads and expense charges; crediting of current interest; and annual reports.
Also consider features of the Minnesota Mutual Bankers Life “Adjustable Life” product like the adjustable face amounts, the ability to make unscheduled premium payments, and prospective nonforfeiture compliance demonstrations.
Combine these features and you essentially have a Universal Life contract.”

— Samuel H Turner, Life of Virginia

1981 – SOA – Universal Life (RSA81V7N412), Society of Actuaries – 16p