This article is a Magazine Supplement for the October issue of the Insurance Journal.
On page 32 of the October 2020 edition of the Insurance Journal, Steve Meldrum, corporate insurance specialist with Swell Private Wealth in Medicine Hat, Alta, was interviewed about whole life par, non-par and universal life insurance and how to select the right product for your client’s needs.
In that article, entitled Understand pros and cons to help clients make the best choice, Meldrum says one can think of each product as coming in boxes – transparent, translucent and black. Whether universal life (transparent), participating insurance (black) or non-participating insurance (translucent).
The shade of the boxes indicates how easy it is to analyse it. “The bottom line,” says Meldrum “is that par insurance does not have the same predictability as non-par and UL. There is more room for adjustments with par. Non-par and UL have fewer moving parts.
In the table below provided by Steve Meldrum, the key characteristics of these products are outlined to help you guide your clients.
