Voluntary Whole and Universal Life Products

Cost: $3,000; published 2018

Voluntary universal and whole life products remain an integral part of a robust voluntary product portfolio for many carriers and are still delivering positive overall sales growth and market share. However, permanent life product offerings for the voluntary/worksite market are also experiencing changes that carriers must address. These include legislative requirements for the universal life product in 2020 and growth in the number of whole life products available in the marketplace. 

The purpose of this Voluntary Whole and Universal Life Products Spotlight™ Report is to help carriers better understand the universal and whole life voluntary/worksite marketplace by providing specific information including:

  • Product features and benefits
  • Underwriting guidelines
  • Face amounts and guaranteed cash value examples
  • Commissions
  • Product challenges and future trends

With this information, carriers can evaluate their own universal and whole life products and their approach to the market to determine the competitiveness of their current offering.

View Table of Contents

1. Executive Summary

A. Report Objectives

B. Methodology

C. Key Findings

2. Market Overview and Competition

A. Market Overview

1. The Overall Universal and Whole Life Market

2. Employer Perspective

3. Employee Perspective

4. Key Competitors

3. Product Details by Carrier

A. Product Specifics

1. Year Product Introduced

2. Last Product Revision

3. Product Outsourcing

4. Product Type

5. Product Platform

6. Employee Minimum and Maximum Face Amounts

7. Lapse Protection

8. Spouse Coverage

9. Coverage for Children

10. Waiver of Premium

11. Accidental Death Benefits

12. Accelerated Death Benefits

13. Critical Illness Benefits

14. Face Amount Increase Rider

15. Long-Term Care/Chronic Illness Benefits

16. Other Riders or Benefits

17. Surrender Charge Time Period

18. Loads and Fees

19. Loan/Withdrawal Options

20. Reduction of Benefits

21. Termination of Benefits

22. Limitations and Exclusions

23. Portability

24. Allowable Enrollment Methods

25. Percent of Sales by Enrollment Method


B. Underwriting

1. Accounts Not Accepted

2. Account Level Underwriting

3. Employee Eligibility Guidelines

4. Simplified Issue Guidelines

5. Guaranteed Issue Guidelines

6. Tobacco Use Question

7. AIDS or HIV Question

8. Spouse Underwriting Guidelines

9. Coverage Increase Guidelines

C. Commissions and Bonuses/Incentives

1. Commissions

2. Bonuses and Incentives

D. Costs and Cash Values

1. Male/Female or Unisex Rates

2. Tobacco/Non-Tobacco Rates

3. Basis of Rates

4. Minimum and Current Guaranteed Credited Interest Rate (UL/ISWL Products)

5. Assumed Interest Rate for Whole Life

6. Premium Guarantees (Group Products)

7. Face Amounts Generated

8. Guaranteed Cash Value at Age 65

E. Whole Life Face Amounts Side-by-Side Comparisons

F. Whole Life Guaranteed Cash Value at Age 65 Side-by-Side Comparisons

G. Universal Life Face Amounts Side-by-Side Comparisons

H. Universal Life Guaranteed Cash Value at Age 65 Side-by-Side Comparisons

4. Competition, Results and Future Trends

A. 2017 Results

1. Differentiating Product Features or Benefits

2. 2017 UL/WL Sales

3. Average Face Amount of Coverage

4. Average Annual Premium Per Employee

5. Typical Policyholder/Account Demographics

6. Average Participation Percentage

7. Persistency/Retention Rate

8. Internal/External Replacement of Policies

B. Challenges & Future Trends

1. Product Challenges

2. Current and Future Product Trends


To purchase Reports: Call (860) 676-9633 or email [email protected]

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For more information, please contact us at [email protected] or (860) 676-9633.



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