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The initial wave of excitement of Indexed Universal Life (IUL) has crested and crashed into a decry of illustration wars! Actuarial Guideline 49 (AG49) was supposed to be the stabilizer, to calm the turbulent water. But in the years following the regulation, creativity started to...

Today’s topic reminds me of an old Pulaar proverb I heard during my time in Senegal with the Peace Corps, Koɗɗe njidaa wowru ceera arsugaaji.  It means that things which share the same origin have different fortunes.  I used to contemplate the meaning as I...

In the land of Indexed Universal Life (IUL), the selected illustrated rate (IR) is one of the most debated factors considered when comparing product performance. Comparing products at their regulatory maximum IR can be overly optimistic, while a lower fixed return rate (such as 5%...

This tale begins with two opposite producers, Trusting Ted and Skeptical Steve – our somewhat unlikely heroes. Trusting Ted is very confident in carrier product design, selling policies through a rose-colored lens and always at the maximum illustrated rate based on his confidence in strong...

Participating loans have been around for some time now. Even after the second portion of AG-49 launched on March 1st, 2016, restricting illustrations to a 1% credit to the loaned amount, they continue to be very popular in the Indexed UL world....