Voluntary Whole and Universal Life Products

Cost: $3,500; published 2022

Universal and whole life products remain an integral part of a robust voluntary product portfolio for many carriers. However, permanent life product offerings for the voluntary/worksite market continue to be impacted by legislative requirements for interest rates and long-term care benefits offerings, as well as the increase in self-service enrollments for a complex product — both of which can affect overall sales and participation.

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
  • Technology platforms and permanent life products
  • 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. Product Type

2. Product Platform

3. Year Product Introduced and Last Product Revision

4. Employee Minimum and Maximum Face Amounts

5. Lapse Protection (UL Products Only)

B. Riders and Other Benefits

1. Waiver of Premium

2. Spouse Coverage

3. Coverage for Children

4. Accidental Death Benefits

5. Accelerated Death Benefits for Terminal Illness

6. Critical Illness Benefits

7. Face Amount Increase Rider

8. Long-Term Care Benefits

9. Chronic Illness Benefits

10.Other Riders or Benefits

11.Surrender Charge Time Period

12.Loads and Fees

13.Loan/Withdrawal Options

14.Reduction of Benefits

15.Age of Termination of Benefits

16.Limitations and Exclusions

17.Group Product Portability

18.Coverage Termination Options

19.Product Outsourcing

20.7702 Regulation Changes

C. Underwriting

1. Accounts Not Accepted by Carrier

2. Account Level Underwriting

3. Employee Eligibility Guidelines

4. Underwriting Options offered

5. Guarantee Issue Guidelines

6. Contingent/Modified Guarantee Issue Guidelines

7. Simplified Issue Guidelines

8. Simplified Issue Questions

9. Use of Full Underwriting

10. Spouse Underwriting Guidelines

11.Coverage Increases

12.Open Enrollment Guidelines

13.GI Offer for Previously Offered Employees

14.Perpetual Guaranteed Issue

15.Percentage of Applications Not GI

16.Percentage of New Business Premium by Underwriting Method

D. Commissions, Rates and Cash Values

1. Commissions

 2. Male/Female or Unisex Rates

3. Tobacco/Non-Tobacco Rates

4. Basis of Rates

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

6. Assumed Interest Rate for Whole Life

7. Premium Guarantees (Group Products)

8. Face Amounts Generated & Guaranteed Cash Value per Issue Age

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

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

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

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

4. Technology Platforms and Permanent Life Products

A. Technology Platforms Used and Preferred

1. Number of Third-Party Platforms for Permanent Life Products

2. Top Technology Platforms

3. Preferred Third-Party Platforms

4. Percentage of Sales by Preferred Platform

5. Technology Issues for UL or WL Products

6. Policy Illustrations (UL Products Only)

7. Other Point-of-sale Requirements/Challenges

5. Product Differentiators, Results and Future Trends

A. Product Differentiators and 2021 Results

1. Differentiating Product Features or Benefits

2. Sales Results

3. Average Face Amount

4. Average Annual Premium Per Employee

5. Typical Policyholder/Account Demographics

6. Average Participation Percentage

7. Persistency/Retention Rate

B. Challenges & Future Trends

1. Product Challenges

2. Current and Future Product Trends

3. Key Technology Trends and Investments



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



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