OWNER-DIRECTED UNIVERSAL LIFE INSURANCE PRODUCT

摘要

A universal life type insurance policy is provided with added automatedfeaturescontrolled by policy documents and account authorization arrangements withserviceproviders, which enables the policy holder to have the benefits of a tax-advantagedlife insurance arrangement and retain control over the types of investment inassetaccounts associated with the life insurance arrangement. Simultaneously, thearrangement may provide for fall-back authorizations such that the arrangementmaintains the tax-advantaged status and, so long as asset balances permit,currencyof payment of policy premiums.