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INSURANCE EXPERT WITNESS - Areas of Expertise

Life Insurance-Term, Permanent, Universal and Variable
Over the years the life insurance industry has been slow to develop new and consumer driven product. Instead carriers chose to offer their own version of a product all other carriers offered and simply compete at price or benefit with competitors.

The dramatic explosion of new product in the last two decades was initially fueled by the extraordinarily high interest rates of the late 1970’s and early 1980’s. Consumer demand for more responsive products was coupled with the introduction of more advanced systems to design, implement and service products with many more moving parts than any ever introduced in the century and a half of the life insurance industry in the US.

The result of this collision of demand and the computing power to create and service policies has lead to an almost unmanageable array of proprietary product from both traditional carriers and newer carriers , now armed with the ability to finally compete with their larger, older and better known cousins.

From the perspective of analyzing these different products, it is important to understand they all provide the same result in exchange for a premium payment. Nothing has changed about the basic fact that people will die in a mathematically predicable pattern and for a company to guarantee a payment in the event of a death; they must receive a sufficient amount of money to have a reserve of capital available to pay the benefits guaranteed by their product.

Over a career in the life insurance business the one recurring question asked more often than any other is simply what kind of insurance should a person own? The answer is quite simple to give if the insured can accurately respond to one simple question. Give the exact date of your death and the absolute lowest cost for a dollar of death benefit can be mathematically calculated. Therein, of course, is the problem. Consequently, there are many forms of life insurance contracts available to the public causing intense discussions among financial professionals and many disputes between insurance companies and insureds.

Following is a brief discussion of the major types of life insurance contracts.

Get more information regarding Life Insurance- Term, Permanent, Term Cases.