There have been a number of different life insurance products over the last 30 years. When most people think of life insurance they typically think term life insurance or whole life insurance. In the early 80’s Universal Life came into vogue, and alot of whole life was replaced. Some of you may remember when A.L. Williams beat the drum about how much of a rip off whole life was to the consumer and that you should buy term and invest the difference. The life insurance industry has consistently changed over the last 30 years. There is alot of information on term life and whole life insurance that is readily accessible. What may not be quite as prevalent are plans that could be titled as Hybrid Designs. Universal Life was the result of the “buy term invest the difference” craze, and the Life Insurance Industry’s answer to the cry. Many consumers did not and do not understand how those plans actually work. That discussion is for another day. For years now there has been the debate over which is better, Term or Permanent Life Insurance? Several Companies came out with blended or Hybrid designs, especially as the old Universal Life designs began to experience some pitfalls. Mid-Continent Life had a “Permanent Term” concept which had a base of participating whole life combined with an internal decreasing term rider. Northwestern Mutual has a product designed the same way. Currently they have a Combination Life plan. Texas Life sold a product (LevelLife) in the 70’s and 80’s that mirrored the Mid-Continent Life product. In recent years the LevelLife & Convenient Life were built on a UL chasis. Currently Texas Life sells through the Worksite a Permanent Life product that has an emphasis on High Death Benefit Life Insurance Protection and Not Cash value. Old Line Life sold a product called Guaranteed Premium 95. American Fidelity sold the Ulitmate 95 and then the Alternative 95. Five Star Life currently sells a worksite life plan called The Family Protection Plan which offers a Guaranteed Level Premium to Age 100. Fidelity Life Association markets a Worksite Lifetime Benefit Term plan. Today there are several Life Insurance Companies that sell Lifetime Guaranteed UL, where the Premium and Death Benefit are Guaranteed to Age 100, Age 110 or even to Age 120.
