Perspectives Q2 2022 Perspectives Q2 2022 | Page 50

VUL
With 7702 and the likely tax code change with capital gains and ordinary income tax , the best is yet to come for these types of products due to their tax-advantaged nature .
Winkler
VUL from page 49
Trend in the market
Over the last several years , no-lapse protection VUL has been extremely popular . The panel was adamant that this trend would continue , along with a general uptick in accumulation design .
Cohen : The growth is not just on the protection side , but you are going to see variable come into other solutions , whether it be long-term care , accumulation sales , pure death benefit , wealth transfer sales … the best is yet to come .
The conversation transitioned into a discussion around chronic illness and long-term-care riders being utilized along with permanent insurance , such as VUL .
Winkler : We have all seen what ’ s happened with the cost of caregiving and nursing homes . So , I think we have seen the utilization of our benefit access rider ( BAR ) grow over the last several years , and I think it will continue to grow . In fact , right now over half of our eligible policies have the rider sold with the BAR rider . I think the best is yet to come when it comes to long-term care planning with life insurance riders .
Final thoughts
The panel finished on an optimistic note and were excited for the future of the life insurance space , post pandemic and beyond .
Thomas : I will say the best policy to own is the one that is in-forced the day you die . Do not ever forget that . But VUL I think is really going to be a great product moving forward in our industry .
Anderson : I think it was mentioned earlier how complex these products can be , and the two carriers that we have represented today do a great job of really isolating a particular concept and making the presentation to the consumer as simple as possible and everything the carriers are doing to digitize the processes is money well spent .
Cohen : We are committed to the variable marketplace . As Chuck said , we want to bring value , not only at the front end of the sale , but just as important , at the back end . I think we would all agree , as an industry , you can do a much better job there ( with policy management tools and innovation ).
Winkler : We all need to keep the ideas coming . This is a partnership , and we look forward to the future view altogether .
As the moderator , I want to thank the participants and NAILBA for hosting this great segment . To view the panel recording in its entirety , please visit https :// www . youtube . com / watch ? v = LpzmBMKy-gI
50 Perspectives Q2 2022