Adjustable Life Insurance

ACTUARIAL

1976 – Toward Adjustable Individual Life Products, SOA, Walter L. Chapin

1978 – Adjustable Life Products, SOA, Moderator: Samuel H. Turner

1978 – Adjustable Life Products, SOA, Moderator: Robert E. Hunstad

1979 – FUTURE TRENDS AND CURRENT DEVELOPMENTS IN INDIVIDUAL LIFE PRODUCTS, SOA 

1979 – NONPARTICIPATING ADJUSTABLE INDIVIDUAL LIFE POLICIES. Society of Actuaries

1979, THE ADJUSTABLE LIFE DECISIONS, Society of Actuaries

2018 – In the Beginning… A Column Devoted to Tax Basics. Why Section 7702 (and 7702A, too)? Some Historical Perspectives.  SOA, John T. Adney

MEDIA

MAGAZINES

1977 – October – “Adjustable” Life Insurance.  The idea is to have one policy you can change as your needs change. Changing Times,  (pages 17-19)

1984 – May – Term, Whole Life, Universal Life.  Only Adjustable Life II gives you the best of all three!, Bankers Life, Changing Times, (page 19)

1989 – October – Each time your life changes, our life gives you an edge.l Changing Times, (page 70)

COMPANIES

Bankers Life, Minnesota Mutual Life

LAW REVIEWS

1985 – Federal Income Taxation of Life Insurance Products after the Tax Reform Act of 1984 – 21p

LEGAL CASES

Grove v. Principal Mut. Life Ins. Co. (Formerly Bankers Life)

McCord v. Minnesota Mut. Life Ins. Co.

Parkhill v. Minnesota Mut. Life Ins. Co.

Zarrella v. Minnesota Mutual Life Ins., 96-2782 (1999)

 

PEOPLE

Walter L. Chapin, Charles Trowbridge

NAIC – Proceedings

National Association of Insurance Commissioners – Proceedings

1981-2

NAIC Proceedings

 

 

5. Other Special Life Insurance Plans

The adjustable life insurance plans are life insurance policies which offer a variety of options to the policyholder,  but which a.re contractually modified every time the policyholder elects an option. A definite amount can always be calculated as the present value of future insurance benefits, and there is a definite pattern of future premiums at any specific time. Reserves and cash values can be calculated prospectively, as they are calculated for traditional life insurance policies. The (C-4) Technical Subcommittee has concluded that these adjustable life insurance plans do not require any further attention.

Definitions

“Adjustable life insurance:  A type of life insurance that allows the policyholder to change the plan of insurance, raise or lower the policy’s face amount, increase or decrease the premium, and lengthen or shorten the protection period.” 
2017 – GLOSSARY OF INSURANCE-RELATED TERMS, ACLI FACT BOOK

This leads to the second attitude adjustment that is needed.

  • The old distinction between term and permanent is usually not appropriate for an adjustable life policy.
  • In every sense an adjustable life policy should be a permanent policy regardless of what the current static plan may be.
  • Its flexibility means that it can be the only policy a person ever owns even if the initial version corresponds to a ten-year term plan.

1976 – Toward Adjustable Individual Life Products, Walter L. Chapin, Society of Actuaries – 50p

Chapin – Ultimate Interest