This year (2025) marks the 50th anniversary of a paper written by James C.H. Anderson (former head of Tillinghast, Nelson & Warren, a predecessor firm) that introduced the concept of universal life (UL). UL has had a significant and permanent effect on the life insurance industry. What’s more, UL and its newer variations (i.e., variable universal life, indexed universal life) have expanded to dominate individual life sales in the U.S.
“The overriding need is for flexibility. At a minimum, the buyer should have the right to maintain their insurance protection intact, notwithstanding inflation. Ideally, they should be able to adjust their insurance protection upward or downward at any time, subject to reasonable conditions and without unreasonable cost or penalty.”
James C.H. Anderson
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