From the May 17, 2010 issue of National Underwriter Life & Health Magazine • Subscribe! Full Disclosure Whole Life Report By Roger L. Blease May 17, 2010 • Reprints Share on linkedin Share on twitter Share on facebook Share on email More Sharing Services 34 Each year Full Disclosure surveys leading companies active in the whole life insurance marketplace. All data is current as of February 1, 2010, a period by which most insurers have
Buying Life Insurance
HOW IT WORKS: #1) THE WHOLE LIFE BOX
THE “WHOLE LIFE” BOX WHOLE LIFE (WL) is the most “opaque” and complex life insurance product ever created. By design WL cannot be broken down into its different parts. This fact has long frustrated accountants and technical types who crave clarity, transparency and factual disclosures. The infancy of WL’s design dates back into the early 1900’s. Its design has evolved in many ways over the decades. The products sold forty and fifty years ago
“HOW IT WORKS”: #2) WHOLE LIFE: POLICY DESIGN BASICS
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. INTRODUCTORY COMMENTS The WL
“HOW IT WORKS”: #3) WHOLE LIFE: DIVIDENDS
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. I would also suggest
HOW IT WORKS”: #4) WHOLE “LIFE: GUARANTEES
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Anyone who intends to read this write should first read the
“HOW IT WORKS”: #5) WHOLE LIFE: ECONOMIC REALITIES
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. I would also suggest
“HOW IT WORKS”: #6) WHOLE LIFE: REGULATORY REALITIES
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. I would also suggest reading the “WL Design Basics”, WL Guarantees” “WL Dividends” and WL Surrender Charges” write up’s before reading
“HOW IT WORKS”: #7) WHOLE LIFE: SURRENDER CHARGES
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. I would also suggest
“HOW IT WORKS”: #8) WHOLE LIFE: PUBLIC versus MUTUAL OWNERSHIP
Whole Life (WL) is the most complex product ever developed by the life insurance industry. Anyone who intends to read this write should first read the “How it Works – Whole Life Box” write up. It provides a design framework that sets the stage for a more detailed discussion of WL’s various moving parts. I would also suggest reading the “WL Design Basics”, WL Guarantees” “WL Dividends” and WL Surrender Charges” write up’s before reading
“HOW IT WORKS”: #9) WHOLE LIFE: PAID UP ADDITIONS AND TERM RIDERS – THEIR USE AND IMPACT ON WL VALUES
Whole Life (WL) is the most complex product ever developed by the life insurance industry. I would urge anyone who intends to read this write up to first read the “How it Works – Whole Life Box” write up first. STANDARD INTRODUCTORY COMMENTS Whole Life (WL) is the most complex product ever developed by the life insurance industry. Complex in the sense it cannot be broken down into its parts. It is a bundled product.
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