Variable Universal Life (VUL) Insurance begins with an examination of the financial and political environment in the decade of the 1970s that gave rise to the conditions resulting in the development of the universal life insurance product. The student will understand the roles played by extraordinarily high interest rates that gave rise to disintermediation and a Federal Trade Commission report that was critical of whole life insurance in the decline of whole life insurance sales. Fixed premium variable life insurance is considered, principally in its role as a precursor and foundation for the VUL product.
The key features of all universal life insurance products, including VUL, are examined, including their:
- Flexible premiums
- Adjustable coverage
- Expense and mortality charges
- Death benefit options and their relationship to the policy's amount at risk
Cash value access and taxation are considered, and the appropriateness of withdrawals and policy loans are discussed in reference to the policy owner's intent to repay. Variable universal life suitability is examined, and students are provided with decisional factors to consider in making any suitability analysis.
Upon completion of the course, the student will be able to:
- Understand the flexibility of variable universal life insurance premiums and the adjustability of its death benefit
- Compare and contrast variable universal life death benefit Option A, B and C
- Explain the applicable variable universal life expense and mortality charges
- Calculate variable universal life coverage, net amount at risk, cash value and mortality charges
- Understand variable universal life transactions, premiums, surrenders, loans and withdrawals
- Discuss the special VUL policy owner rights
- Explain the tools available to a VUL policy owner to manage cash value volatility
- Identify the basic VUL variable subaccounts and the risks normally found in various classes of investments
- Apply the FINRA guidelines with respect to VUL suitability
- Identify variable universal life suitability factors
Variable Universal Life Insurance - New Jersey Department of Banking and Insurance
End of Course Instructions
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