Managed variable universal life products, both flexible and customizable, offer enhanced cash value accumulation and death benefit protection for policyholders.

Phase 2 of this research report expands on the Phase 1 case studies for term and universal life with secondary guarantees (ULSG) products and includes additional case studies focused on smaller companies and the impact of reinsurance.

This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) through the development of case studies for term and universal life with secondary guarantees products.

A discussion of pricing and financial reporting aspects of universal life products with long-term secondary guarantees.