2008 Voluntary Universal and Whole Life Products
Life plans are a mainstay in virtually every carrier’s voluntary product portfolio. Based on the U.S. Worksite Sales Study, the new business annualized life sales for 2007 for universal and whole life products was over $350 million. In addition, life insurance is one of the most frequently sold voluntary products as well as the most commonly owned product.
But competition is fierce, and carriers must keep up with the offerings in the market in order to maintain a competitive advantage. The 2008 Voluntary Universal and Whole Life Products Spotlight Report is designed to help carriers better understand today’s competitive landscape around universal and whole life plans sold at the worksite. The report includes data on the current market environment and the perspectives of brokers, employers, and employees. In addition, the report includes data from 18 different carriers active in the market. For each company, we report (as it relates to UL/WL):
- Product features, including product type, minimum/maximum face amount, available riders, etc.
- Underwriting guidelines
- Pricing and cash values
- Commissions
Order Info: The
report is available for purchase for $3,000. To order your copy,
simply email us at info@eastbridge.com or
call (860) 676-9633. Published
2008.
Table
of Contents
1. Executive
Summary
A. Report Objectives
B. Key Findings
C. Recommendations
D. Methodology
2. Market Overview and General Carrier
Information
A. The Carrier Perspective
B. The Producer Perspective
C. The Employer Perspective
D. The Employee Perspective
E. Annual Voluntary
Life Sales Premiums
1. Worksite Sales
2. Top Carriers
3. Competitors Named by Profiled Carriers
3. Product Features and Benefits
A. Platform
B. Minimum and Maximum Face Amounts—Employee
C. Face Amounts—Spouse and Child Policies
D. Spouse and Child Riders
E. Waiver of Premium
F. Accidental Death Rider
G. Accelerated Death Benefit Rider
H. Critical Illness Rider
I. Long-Term Care Rider
J. Other Riders
K. Surrender Charge Time Period
L. Loads and Fees
M. Unique Features or Services
N. Benefit Reductions/Termination
4. Underwriting
A. Account-Level Underwriting
B. Unacceptable Accounts
C. Employee Eligibility Guidelines
D. Issue Ages
E. Types of Underwriting Offered
F. Guaranteed Issue
1. Minimum Case Size
2. Minimum Participation
3. Maximum Face Amount (Employee)
4. Other Requirements
G. Modified Guaranteed Issue
1. Minimum Case Size
2. Minimum Participation
3. Maximum Face Amount (Employee)
4. Other Requirements
H. Simplified Issue
1. Simplified Issue Guidelines
2. Simplified Issue—Health Questions
3. Simplified Issue—Face Amount Requiring Blood
4. Smoking Question
5. AIDS/HIV Question
6. Underwriting for Spouse Policy
7. Underwriting for Children
4. Commissions
A. Commissions
B. Incentives
4. Rates and Values
A. Rate Structure
B. Face Amount for $10/week Premium
C. Guaranteed Cash Value at Age 65
D. Side-by-Side Comparisons
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