Universal Life – Federal Government

  • There are two main types of life insurance policies:
    • Whole (or universal) life insurance policies are considered permanent.
    • As long as you pay the premium, the policy is in effect.  (p32)

Consumer Action Handbook, published by USAGov, part of the U.S. General Services Administration’s (GSA) Office of Citizen Services and Innovative Technologies – 152p 

  • Universal life insurance generally refers to a whole life policy with flexible premiums, adjustable death protection, and a cash value accumulated at current rates of interest.
  • Universal life insurance offers both insurance protection (in effect, term insurance) and savings, i.e., the ability to accumulate a cash value in the policy by making contributions in excess of the level required to provide the term insurance death benefit.   (p2)

1998 0921 – GOV (Senate) – Report of The Committee on Governmental Affairs United States Senate to Accompany H.R. 2675 – To Require That The Office Of Personnel Management Submit Proposed Legislation Under Which Group Universal Life Insurance and Group Variable Universal Life Insurance Would Be Available Under Chapter 87 of Title 5, United States Code, and for Other Purposes – 19p – congress.gov/committee-report/105th-congress/senate-report/337/1

1997-1998 – S. Rept. 105-337 – Federal Employees Life Insurance Improvement Act – 105th Congress 

  • Life insurance is available in two basic types:
    1. term and
    2. permanent (which includes whole life, universal life, variable life, and variable universal life). 205
  • Permanent (cash value) life insurance pays the beneficiary whenever the insured dies, as long as premiums have been paid. (p38)

2016 11 – FIO (Federal Insurance Office) – Report on Protection of Insurance Consumers and Access to Insurance – 58p

Life insurance is available in two basic types: term and permanent (which includes whole life, universal life, variable life, and variable universal life). 205  – ACLI