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对比分析 · 约 10 分钟Comparison · 10 min

寿险的五次进化：从 Term 到 IUL

Five Evolutions: From Term to IUL

同样是 $100 万的人寿保险，36 岁的女性，一年的保费可以是 $1,500， 也可以是 $22,000，差了将近 15 倍。寿险前后出了五代，每一代都在补上一代的缺点， 也带来新的问题。看完你就知道，自己的保单应该选哪一代。

The same $1 million of life insurance for the same 36-year-old woman can cost $1,500 a year, or $22,000. That's nearly a 15-fold difference. Life insurance has gone through five generations, each fixing a flaw in the one before and bringing new problems of its own. By the end you'll know which generation your own policy should come from.

幻灯片 · 13 页 · 每页下方附详细讲解Slides · 13 pages · full presenter notes under each ↓ 跳到全文↓ Skip to the full article

寿险的五次进化Five Evolutions
of Life Insurance

Presented by Team Rise

各位伙伴好，我们是 Team Rise。这一组幻灯片讲美国人寿保险的"家谱"： 从四百多年前的定期寿险，到 1997 年才出现的指数型万能寿险，前后一共五代。

Welcome, everyone. We're Team Rise. This deck covers the family tree of American life insurance: from term life, more than four hundred years old, to indexed universal life, which only appeared in 1997. Five generations in all.

为什么要从历史讲起？因为客户手上的保单五花八门，有的是公司团体险附带的定期险， 有的是父母多年前买的终身寿险，有的是朋友推荐的万能险。你要先认得出它是哪一代， 才讲得清它的长处和短处，也才知道我们建议的方案到底补上了什么。

Why start with history? Because the policies clients already hold are all over the map: term that came with a job, whole life their parents bought years ago, a universal life policy a friend recommended. You have to recognise which generation a policy belongs to before you can explain its strengths and weaknesses, and before you can say what our recommendation actually adds.

这一组的顺序是：先用一条时间线和一张总览，把五代放在一起看； 然后五代各讲一页，每页都有优点、缺点，和同一位 36 岁女性、$100 万保额的保费算例； 再看四张行业图表，了解市场这几十年是怎么选的；最后用一张总保费对比表收尾。

The order: first a timeline and an overview to see all five side by side; then one slide per generation, each with pros, cons and a premium example for the same 36-year-old woman with $1 million of cover; then four industry charts showing how the market has chosen over the decades; and finally a table comparing total premium.

先打个招呼：今天出现的保费和现金价值，都是演示或举例，帮助大家理解几代产品的差别， 实际数字以每位客户自己的计划书为准，不是保证，也不是承诺。

One note up front: every premium and cash value you'll see today is an illustration or a worked example, there to show how the generations differ. Each client's actual figures come from their own illustration. They are not guarantees, and they are not promises.

互动设计Interaction

开场先问一句：你自己，或者你家里人，手上有人寿保险吗？是哪一种？ 不知道的伙伴也没关系，听完这一组，回家把保单翻出来对一对。

Open with a question: do you, or does anyone in your family, have life insurance? Which kind? If you don't know, that's fine. After this deck, go home, dig out the policy and match it up.

五代寿险，一条时间线Five Generations, One Timeline

1583定期寿险 Term LifeTerm Life 1762终身寿险 Whole LifeWhole Life 1979万能寿险 Universal LifeUniversal Life 1985投资型万能寿险 VULVariable Universal Life 1997指数型万能寿险 IULIndexed Universal Life

就像手机、包和车Like phones, bags and cars

手机Phone大哥大 → 智能手机Brick phone → smartphone
包Bag编织袋 → 名牌手袋Woven sack → designer handbag
车Car自行车 → 电动汽车Bicycle → electric car

每一代都在补上一代的缺点；后三代同属"万能"家族Each generation fixes a flaw in the last; the final three are all "universal"

先看左边这条时间线。第一代是定期寿险，1583 年的伦敦就已经有一年期的寿险保单了。 第二代是终身寿险，1762 年伦敦成立的 Equitable 开始卖平准保费的终身寿险； 在美国，终身寿险是 1840 到 50 年代普及开的，纽约人寿（1845）、万通（1851）都是那个年代成立的。

Start with the timeline on the left. Generation one is term life: London already had one-year life policies in 1583. Generation two is whole life: the Equitable, founded in London in 1762, began selling level-premium whole life. In the US, whole life spread in the 1840s and 50s, the decades when New York Life (1845) and MassMutual (1851) were founded.

后面三代都很年轻：1979 年万能寿险，1985 年投资型万能寿险，1997 年指数型万能寿险。 左边那道括号把这三代圈在一起，因为它们都是"万能"家族：保费可以多交少交，保额可以调整。 区别只在于，账户里的钱怎么记利息。

The last three are young: universal life in 1979, variable universal life in 1985, indexed universal life in 1997. They belong together because they're all "universal": you can pay more or less, and the face amount can be adjusted. What differs is how the money in the account is credited.

右边是一个类比。手机从大哥大，到按键机、翻盖机、触屏机，再到今天的智能手机； 包从装东西的编织袋，到名牌手袋；车从自行车，到电动汽车。每一代都还是手机、还是包、还是车， 但功能越来越多，用起来越来越顺手。寿险也是这样：每一代都在补上一代的缺点，同时也带来新的问题。

On the right is an analogy. Phones went from the brick phone through keypad phones, flip phones and touchscreens to today's smartphone. Bags went from a woven sack to a designer handbag; transport from a bicycle to an electric car. Each one is still a phone, a bag, a vehicle, but it does more and works better. Life insurance is the same: each generation fixes a flaw in the one before, and brings new problems of its own.

但这个类比有一个地方要讲清楚：新一代不等于人人都该换。今天还有人骑自行车， 因为对他来说最合适。定期寿险今天依然是很多年轻家庭的正确选择。我们后面每一页都会讲：这一代适合谁。

One caveat on the analogy: newer doesn't mean everyone should switch. People still ride bicycles because for them it's the right fit, and term life is still the right choice for many young families today. On every slide that follows we'll say who each generation suits.

讲师提醒Presenter note

年份请照屏幕上讲：定期寿险 1583、终身寿险 1762（美国 1840–50 年代普及）。 被问到出处，就说"伦敦 1583 年已有一年期保单，Equitable 1762 年成立"。

Quote the years as shown: term 1583, whole life 1762 (spreading in the US in the 1840s–50s). If asked for a source: "London had one-year policies by 1583; the Equitable was founded in 1762."

两大类：消费型与储蓄理财型Two Families: Term and Permanent

类别Family 产品Product 一句话In one line
消费型短期Termtemporary定期寿险Term像车险，没有现金价值；保 10 / 15 / 20 / 30 年Like car insurance, no cash value; 10, 15, 20 or 30 years
储蓄理财型永久 · 传承Permanentlegacy终身寿险 WLWhole life保证约 3–4% 增长 + 不保证的分红；保费保额不灵活，贵About 3–4% guaranteed plus non-guaranteed dividends; rigid and costly
万能寿险 ULUniversal life保费与保额有灵活性Flexible premium and face amount
储蓄理财型永久 · 理财Permanentaccumulation投资型万能 VULVariable UL随股市涨跌，不保底Rises and falls with the market, no floor
指数型万能 IULIndexed UL按指数记息：涨有封顶，跌记 0%Index-credited: capped up, 0% in down years

终身寿险常见公司：纽约人寿、万通人寿、大都会、西北互惠Common in whole life: New York Life, MassMutual, MetLife, Northwestern Mutual

IUL 常见公司：国家人寿、Corebridge（原 AIG）、Transamerica、Allianz、Nationwide、太平洋人寿Common in IUL: National Life, Corebridge (formerly AIG), Transamerica, Allianz, Nationwide, Pacific Life

国家人寿的 IUL 产品线National Life's IUL line

2007带生前福利的 IUL 出现IUL with living benefits appears 2016Living Life 2019Living Life By Design 2023Living Life Defender 2025Living Life Defender 2.0
PFA × 国家人寿（1848 年成立）PFA × National Life (founded 1848)

这一页把五代放进两个大类。第一类是消费型，也叫短期型，就是定期寿险。 它和车险、医疗保险很像：保 10 年、15 年、20 年或 30 年，期间出事赔保额，平安到期保费一般不退， 没有现金价值。花钱买的是这段时间的保障。

This slide puts the five generations into two families. The first is term, the temporary kind. It works much like car or health insurance: covered for 10, 15, 20 or 30 years, paying the face amount if something happens, and generally returning nothing if you reach the end safely. No cash value. You're paying for protection over that period.

第二类是储蓄理财型，也就是永久型，保一辈子，里面有一个存钱的账户，叫现金价值。 原稿把它又分成两组：终身寿险、万能寿险，常用来做传承，重点在一笔确定的身故赔偿； 投资型万能、指数型万能，常用来兼顾理财，重点在现金价值的增长。 这是一种常见的用途分法，不是绝对的，一张保单往往两样都管。

The second family is permanent: cover for life, with a savings account inside called cash value. The slide splits it further. Whole life and universal life are often used for legacy, where the point is a certain death benefit. Variable and indexed UL are often used for accumulation as well, where the point is growing the cash value. It's a common way of grouping by purpose, not a hard rule; one policy often does both.

表格下面列了两组公司名字，只是让大家对号入座：客户说"我有一张纽约人寿的保单"， 你心里大概知道多半是终身寿险；说"我有一张太平洋人寿的保单"，可能是 IUL。 公司名字本身不代表好坏，具体是什么产品，要看保单。

The two lists of carriers under the table are just for orientation. When a client says "I have a New York Life policy," you can guess it's likely whole life; "a Pacific Life policy" may well be IUL. A carrier's name says nothing about good or bad. What the product actually is, you read off the policy.

右边是国家人寿这条 IUL 产品线。2007 年起，生前福利条款开始成为 IUL 的标准配置； 之后国家人寿依次推出 Living Life（2016）、Living Life By Design（2019）、 Living Life Defender（2023），2025 年更新到 Defender 2.0，也就是现在在售的版本。 Team Rise 所在的 PFA，和 1848 年成立的国家人寿合作，这是我们最常用的一条产品线。

On the right is National Life's IUL line. From 2007, living benefit riders began to become standard on IUL. National Life then released Living Life (2016), Living Life By Design (2019) and Living Life Defender (2023), updated in 2025 to Defender 2.0, the version on sale now. PFA, where Team Rise works, partners with National Life, founded in 1848, and this is the product line we use most.

讲师提醒Presenter note

讲公司名单时只讲"常见于哪一类"，不评价哪家好、哪家不好。 客户手上已有别家的保单，就说"我们一起把保单条款读一遍"，讲自己的，不评论别人的。

When you read out the carrier lists, say only which category each is common in, never which is better or worse. If a client already holds another carrier's policy, say "let's read the policy together." Describe ours; don't characterise theirs.

第一代 · 定期寿险 Term Life（1583）Generation One · Term Life (1583)

优点Pros

  • 年轻且健康时，价格便宜Cheap while you're young and healthy
  • 锁定当前的健康等级Locks in your current health rating

缺点Cons

  • 只保一段时间：10 / 15 / 20 / 30 年Temporary: 10, 15, 20 or 30 years
  • 不存钱，像车险，平安到期保费一般不退No savings; like car insurance, premiums generally aren't returned
  • 到期续保，价格按年龄重算，非常贵Renewal is repriced for age, and very expensive
36 岁女性 · $100 万Female 36 · $1M 每年 × 年数Annual × years 合计Total
定期 · 36–66 岁Term · ages 36–66$1,500 × 30$45,000
续保 · 66–86 岁Renewal · ages 66–86$15,000 × 20$300,000
定期合计保到 86 岁止，不存钱Term totalends at 86, nothing saved$345,000
IUL · 36–120 岁IUL · ages 36–120$9,600 × 15$144,000

IUL 现金价值延税增长；按计划书演示，65 岁约 $35 万IUL cash value grows tax-deferred; illustrated at about $350,000 by 65

演示 / 举例，非保证，实际以计划书为准Illustration / example, not guaranteed; the client's own illustration governs

第一代，定期寿险，四百多年前就有了，是最老、最简单的一种。 它的好处很直接：年轻、健康的时候买，价格便宜，还能把你现在的健康等级锁住。

Generation one, term life: more than four hundred years old, the oldest and simplest kind. Its strength is direct: bought young and healthy, it's cheap, and it locks in your current health rating.

缺点有三个。第一，只保一段时间，10 年、15 年、20 年、30 年。 第二，不存钱，跟车险、健康险一样，属于花钱买保障，平安到期，保费一般不退。 第三，到期以后还想接着保，要么按合同续保，不用重新体检，但价格按当时的年龄重算，非常贵； 要么重新买一张，要重新核保，不一定批得下来。

Three weaknesses. First, it only lasts a set period: 10, 15, 20 or 30 years. Second, it saves nothing. Like car or health insurance, you pay for protection, and if you reach the end safely the premiums generally aren't returned. Third, if you want cover after it ends, you can renew under the contract, with no new medical exam but a price recalculated for your age, which is very expensive; or you can buy a new policy, which means new underwriting that may not be approved.

看右边的算例。一位 36 岁的女性，买 $100 万保额。30 年定期，一年 $1,500，保到 66 岁， 一共 $45,000。66 岁到期还想保，按合同续保 20 年，价格按年龄重算，平均一年大约 $15,000， 20 年又是 $300,000。两段加起来 $345,000，保到 86 岁就结束了，一分钱没存下。

Look at the example on the right. A 36-year-old woman buys $1 million of cover. Thirty-year term costs $1,500 a year to age 66: $45,000 in total. If she wants cover after 66 and renews for 20 years under the contract, the price is reset for her age, averaging about $15,000 a year: another $300,000. Together that's $345,000, the cover stops at 86, and nothing has been saved.

同一个人买 IUL，一年 $9,600，交 15 年，一共 $144,000。保费先扣掉费用和保险成本， 剩下的留在保单里，延税增长。按这份计划书的演示，65 岁的时候现金价值大约 $35 万。 这是演示值，用的是假设的记息率，不是保证，实际会高也可能低。

The same woman buying IUL pays $9,600 a year for 15 years, $144,000 in all. Fees and the cost of insurance come out first; what's left stays in the policy and grows tax-deferred. On this illustration, cash value at 65 is about $350,000. That's an illustrated figure based on an assumed crediting rate. It isn't guaranteed and the actual result may be higher or lower.

所以定期寿险不是坏产品：刚背上房贷、孩子还小、预算又紧，先用定期险把缺口补上，完全正确。 问题只在于，把它当成一辈子的方案，数学上不成立。

So term isn't a bad product. A young family with a new mortgage and a tight budget is absolutely right to close the gap with term first. The problem is only this: as a lifetime plan, the math doesn't work.

合规提醒Compliance

"65 岁约 $35 万"只能说"按计划书演示"，不要说"保守估计""一定有"。 现金价值是延税增长，不是免税：退保时超过已缴保费的部分要交税； 用保单贷款取钱、保单一直有效到身故，才不产生所得税。

Say "about $350,000 on the illustration," never "conservatively" or "you'll definitely have." Cash value grows tax-deferred, not tax-free: on surrender, gains above premiums paid are taxable. Money taken as a policy loan avoids income tax only if the policy stays in force until death.

第二代 · 终身寿险 Whole Life（1762）Generation Two · Whole Life (1762)

优点Pros

  • 保障终身，解决了定期险到期的问题Lifetime cover, fixing term's expiry problem
  • 按时足额缴费，保额和增长由合同保证Paid on schedule, face and growth are guaranteed

缺点Cons

  • 保费和保额不灵活，生效后基本不能改Premium and face are fixed once issued
  • 增长低：约 3–4% 保证 + 不保证的分红Low growth: about 3–4% guaranteed plus non-guaranteed dividends
  • 成本不透明，投资策略不可选Costs not itemised; no strategy choice
  • 保单贷款利率高，常见 5–6% 固定High loan rates, typically 5–6% fixed
  • 保费高昂Expensive
36 岁女性 · $100 万Female 36 · $1M 每年 × 年数Annual × years 合计Total
终身寿险36–120 岁Whole lifeages 36–120$22,000 × 15$330,000
IUL36–120 岁IULages 36–120$9,600 × 15$144,000

终身寿险的总保费是 IUL 的两倍多Whole life costs more than twice the IUL in total

演示 / 举例，实际以计划书为准Illustration / example; the client's own illustration governs

第二代，终身寿险。它解决的就是定期险"保不到老"的问题：只要按时按额交钱， 就可以保一辈子，常见的写法是保到 120 岁。保额和现金价值的增长都写在合同里保证， 大约 3–4%；有些公司每年还会分红，但分红是不保证的。

Generation two, whole life. It solves term's "doesn't last" problem: pay on time and in full and you're covered for life, commonly written to age 120. Both the face amount and cash value growth, roughly 3–4%, are guaranteed in the contract. Some carriers also pay an annual dividend, but dividends are not guaranteed.

请注意第二个优点的前提："在每月保费按时按额付款的基础上"。终身寿险的保证，是建立在你一直照合同交钱上的。 哪天交不上了，选择就很有限。

Note the condition on the second pro: "as long as every premium is paid on time and in full." Whole life's guarantees rest on you paying exactly as the contract says. If one day you can't, your options are limited.

缺点有五个。一，保费和保额不灵活，保单生效以后基本改不了。二，增长低，约 3–4% 的保证，加上不保证的分红。 三，成本不透明，里面每项费用扣了多少看不到，钱怎么投你也选不了。 四，从保单里借钱，贷款利率常见是 5–6% 固定。五，也是客户感受最直接的：贵。

Five weaknesses. One, premium and face amount are rigid; once the policy is issued they essentially can't change. Two, growth is low: about 3–4% guaranteed plus non-guaranteed dividends. Three, it's opaque: you can't see what each charge takes, and you have no say in how the money is invested. Four, borrowing from the policy typically costs 5–6% fixed. Five, and the one clients feel most directly: it's expensive.

看算例。同一位 36 岁女性、$100 万保额，终身寿险一年大约 $22,000，15 年交清， 一共 $330,000。同样的 IUL 是 $144,000，终身寿险是它的两倍多。

Look at the example. The same 36-year-old woman, the same $1 million: whole life is about $22,000 a year, paid up in 15 years, $330,000 in total. The IUL is $144,000, so whole life costs more than twice as much.

讲公平一点：多出来的钱也不是白交的，它买的是"保证"。客户如果看重确定性、不想承担任何记息波动， 终身寿险仍然是合理的选择。我们要做的，是把两边的代价都摆出来，让客户自己选。

To be fair, the extra money isn't wasted; it buys guarantees. A client who values certainty and wants no exposure to crediting swings may still be right to choose whole life. Our job is to put the cost of both on the table and let the client choose.

讲师提醒Presenter note

算例里两边都是 15 年交清，但终身寿险的保额由合同保证，IUL 能不能用 $9,600 × 15 撑到 120 岁， 取决于将来实际的记息和成本。这一点不讲，客户以后会觉得被误导。

Both columns are paid up in 15 years, but whole life's face amount is contractually guaranteed, whereas whether $9,600 × 15 carries the IUL to 120 depends on future crediting and charges. Leave that out and the client will later feel misled.

第三代 · 万能寿险 Universal Life（1979）Generation Three · Universal Life (1979)

优点Pros

  • 保费和保额灵活，解决了终身寿险不灵活的缺点Flexible premium and face, fixing whole life's rigidity
  • 成本逐项列在对账单上，解决了不透明的缺点Costs itemised on the statement, fixing the opacity

缺点Cons

  • 按公司宣布的利率计息，约 5%，不保证Credited at a declared rate, about 5%, not guaranteed
  • 投资策略不可选No strategy choice
  • 保单贷款利率高，常见 5–6% 固定High loan rates, typically 5–6% fixed
  • 连续几年交得太少，保单会失效Several years of underfunding can lapse the policy
  • 保费仍然较高Still fairly expensive
36 岁女性 · $100 万Female 36 · $1M 每年 × 年数Annual × years 合计Total
万能寿险36–120 岁Universal lifeages 36–120$12,000 × 15$180,000
IUL36–120 岁IULages 36–120$9,600 × 15$144,000

像一只水桶：保费流进来，利息往里加，保险成本和费用每月从底下流出去Like a barrel: premiums flow in, interest drips in, and the cost of insurance and fees drain out every month

演示 / 举例，实际以计划书为准Illustration / example; the client's own illustration governs

第三代，万能寿险，1979 年诞生。它一口气补上了终身寿险的两个缺点。 一个是灵活：保费可以多交、少交，按自己的情况定，保额也可以调整。 另一个是透明：每个月扣了多少保险成本、多少费用，对账单上一项一项列着。

Generation three, universal life, born in 1979. It fixed two of whole life's flaws at once. One is flexibility: you can pay more or less to suit your situation, and adjust the face amount. The other is transparency: each month's cost of insurance and fees are listed line by line on the statement.

怎么理解万能寿险？想象一只水桶。你交的保费像水管一样往桶里灌水；保险公司按它每年宣布的利率给你记利息， 像雨滴落进桶里；桶底有个水龙头，每个月把保险成本和费用放出去。桶里剩下的水，就是你的现金价值。

How to picture universal life? Imagine a barrel. Your premiums pour in through a hose; the carrier credits interest at the rate it declares each year, like rain dripping in; and a tap at the bottom drains the cost of insurance and fees every month. Whatever water stays in the barrel is your cash value.

问题也就出在这只水桶上。第一，利息按公司宣布的利率记，当时大约 5%，但这个利率不保证， 你也没有别的策略可选。第二，保单贷款利率常见 5–6% 固定。第三，灌得太少，桶就会见底： 连着几年交得太少，现金价值不够扣成本，保单就失效了。第四，保费仍然不便宜。

The problems come from the same barrel. First, interest follows the carrier's declared rate, around 5% at the time, but it isn't guaranteed and there's no other strategy to choose. Second, policy loans typically cost 5–6% fixed. Third, pour in too little and the barrel runs dry: several years of underfunding, and when the cash value can't cover the charges, the policy lapses. Fourth, it still isn't cheap.

看算例：同一位 36 岁女性、$100 万保额，万能寿险一年大约 $12,000，交 15 年，一共 $180,000； IUL 是 $144,000。比终身寿险便宜了不少，但还是比 IUL 多出 $36,000。

The example: the same 36-year-old woman with $1 million of cover pays about $12,000 a year for universal life, for 15 years, $180,000 in total. The IUL is $144,000. Much cheaper than whole life, but still $36,000 more than the IUL.

万能寿险最大的贡献，是把"灵活"和"透明"带进了永久寿险。后面两代，都是在这只水桶上，改利息怎么进来。

Universal life's great contribution was bringing flexibility and transparency to permanent insurance. The next two generations keep the same barrel and change how the interest comes in.

互动设计Interaction

在白板上画一只水桶，请一位伙伴来标：哪里是保费、哪里是利息、哪里是成本。 再问一句：如果连续几年不往里灌水，会怎样？

Draw a barrel on the whiteboard and have someone label the premium, the interest and the charges. Then ask: what happens if nothing is poured in for several years?

第四代 · 投资型万能寿险 VUL（1985）Generation Four · Variable Universal Life (1985)

优点Pros

  • 保费和保额灵活Flexible premium and face
  • 回报潜力高，上涨没有上限Higher return potential, no ceiling
  • 自选子账户：股票、基金、债券You pick sub-accounts: stocks, funds, bonds

缺点Cons

  • 风险高，不保底High risk, no floor
  • 交得太少或投资亏损，保单会失效Underfunding or losses can lapse the policy
  • 可能有投资管理费May carry management fees
  • 保单贷款利率高，常见 5–6% 固定High loan rates, typically 5–6% fixed

举例：一张 VUL 对账单Example: a VUL statement

一张 VUL 保单对账单节选：2022 年 1 月 1 日至 6 月 30 日回报 -28.9%；2021 年 2 月 1 日生效至 2022 年 6 月 30 日年化回报 -26.9% / Excerpt from a VUL statement: -28.9% for 1 January to 30 June 2022; -26.9% annualised from inception on 1 February 2021 to 30 June 2022
某 VUL 保单对账单节选 · 公司名与保单号已去除Excerpt from a VUL statement · carrier and policy number removed
2022 年上半年First half of 2022−28.9%
生效 17 个月，年化17 months in, annualised−26.9%

第四代，投资型万能寿险，VUL，也有人叫投连险，1985 年出来。它要解决的是前两代回报低的问题： 保单里的钱，你自己挑子账户，股票的、基金的、债券的都有，钱是真的放进了市场。 保费保额照样灵活，涨的时候没有上限。

Generation four, variable universal life, VUL, sometimes called an investment-linked policy, arrived in 1985. It set out to fix the low returns of the previous two generations: you choose the sub-accounts yourself, equity, fund or bond, and the money really goes into the market. Premium and face stay flexible, and there's no ceiling on the way up.

代价也很直接：不保底。市场跌，账户就跟着跌。 更要命的是，账户缩水的时候，保险成本照样每个月扣。钱不够扣，保单就可能失效。 另外还可能有投资管理费，保单贷款利率常见 5–6% 固定。

The price is just as direct: no floor. When the market falls, the account falls with it. Worse, while the account shrinks, the cost of insurance still comes out every month. When there isn't enough to cover it, the policy can lapse. There may also be management fees, and policy loans typically cost 5–6% fixed.

右边是一张真实的 VUL 对账单节选，公司名和保单号已经去掉。2022 年 1 月 1 日到 6 月 30 日， 这个账户的回报是负 28.9%；从 2021 年 2 月 1 日生效算起，到 2022 年 6 月 30 日，年化回报是负 26.9%。 那半年标普 500 大约跌了两成，这个账户跌得比指数还多。

On the right is an excerpt from a real VUL statement, with the carrier and policy number removed. From 1 January to 30 June 2022 the account returned minus 28.9%; annualised from inception on 1 February 2021 to 30 June 2022, minus 26.9%. The S&P 500 fell roughly a fifth over that half-year, and this account fell further than the index.

VUL 的问题不在回报，而在风险和保障目的不匹配。 买寿险，是为了在最需要的时候它一定在；可 VUL 最可能撑不住的时候，正是市场最差、你最需要它的时候。 这就是第五代要解决的问题。

VUL's problem isn't returns; it's a mismatch between risk and purpose. You buy life insurance so it's there when you most need it. But VUL is most likely to buckle precisely when markets are worst, which may be exactly when you need it. That's the problem generation five set out to solve.

讲师提醒Presenter note

这是一个账户在一个坏年份的结果，不代表所有 VUL；行情好的年份，VUL 也可能涨得比别的都多。 讲的时候说"这是 VUL 不保底的样子"，不要说"VUL 都会亏"，也不要点名是哪家公司。

This is one account in one bad year, not every VUL; in strong years VUL can outperform everything else. Say "this is what no floor looks like," not "VUL always loses," and don't name the carrier.

第五代 · 指数型万能寿险 IUL（1997）Generation Five · Indexed Universal Life (1997)

优点Pros

  • 保费和保额灵活Flexible premium and face
  • 按标普 500 等指数记息，钱不直接进股市Credited against an index such as the S&P 500, without entering the market
  • 指数下跌的年份记 0%，不记负数A down year credits 0%, never negative
  • 多种贷款方式：浮动利息贷款、无息贷款等Several loan types: variable-rate, wash loans and more
  • 同样保额，所需保费通常较低For the same face, the premium is usually lower

历史回看：1990–2021 年标普 500，封顶 11%、保底 0，年均记息约 7%；不代表未来Looking back: S&P 500, 1990–2021, 11% cap and 0% floor averaged about 7% a year; not a forecast

需要注意Watch for

  • 上涨有封顶：基础约 11%，另有利息加成Upside is capped: about 11% at base, plus interest bonuses
    • 国家人寿 LLD 的 Enhancer 条款：任何保额都可开启，上限最高约 17%National Life LLD's Enhancer riders: any face amount, ceiling up to about 17%
  • 连续几年交得太少、记息为 0 或借得太多，保单可能失效Years of underfunding, 0% credits or heavy borrowing can lapse it
    • 国家人寿 LLD 的 Guaranteed Flex Rider：满足缴费条件，保证期内不失效National Life LLD's Guaranteed Flex Rider: meet its funding terms and it won't lapse in the guarantee period
    • 国家人寿的 LIBR 终身收入条款：满足条件后可领终身收入National Life's LIBR: lifetime income once its conditions are met

第五代，指数型万能寿险，IUL，1997 年第一次推出。它要解决的，就是 VUL 不保底的问题。 IUL 的钱不直接进股市：保险公司看一个指数，最常见的是标普 500， 按它一年涨了多少给你记利息。规则两条：指数跌了，这一年记 0%，不记负数；指数涨得再多，记到封顶为止。

Generation five, indexed universal life, IUL, first launched in 1997 to solve VUL's missing floor. In an IUL the money doesn't go directly into the market. The carrier watches an index, most often the S&P 500, and credits interest based on how much it rose that year. Two rules: if the index falls, that year credits 0%, never a negative; however much it rises, you're credited up to the cap.

优点有五条。保费保额灵活，这是万能家族都有的。记息跟着指数走，通常比宣布利率高。 跌的年份记 0%，补上了 VUL 的缺口；但要讲完整：保单成本那一年照扣，现金价值还是会往下走一点。 拿钱的方式多，有浮动利息贷款、无息贷款等。同样的保额，IUL 所需的保费通常比终身寿险低，第 13 页会看到一组演示。

Five strengths. Flexible premium and face, shared by the whole universal family. Crediting follows the index, usually above a declared rate. A down year credits 0%, closing VUL's gap; but say all of it: the charges still come out that year, so cash value still slips a little. Several ways to access money, including variable-rate and wash loans. And for the same face amount, an IUL usually needs less premium than whole life; slide 13 shows one illustration.

长期平均能记多少？有位投资顾问 2021 年做过回测：用 1990 到 2021 年的标普 500，按封顶 11%、保底 0 计算， 平均每年大约记 7%。这是历史回看，不代表未来；演示表上写的利率是假设，实际封顶会随公司调整。

What does it average? An investment adviser ran a backtest in 2021: S&P 500 data from 1990 to 2021, an 11% cap and a 0% floor, averaged about 7% a year. That's a look back, not a forecast. The rate on an illustration is an assumption, and actual caps change at the carrier's discretion.

需要注意的有两点。第一，上涨有封顶，基础策略约 11%，另有利息加成。国家人寿 LLD 的 Enhancer 条款， 任何保额都可以开启，上限最高可到约 17%，开高档要付额外费用。 第二，连续几年交得太少、记息为 0，或者借得太多，保单可能失效。国家人寿 LLD 的 Guaranteed Flex Rider 提供 10 到 40 年的保证期，按条款缴足保费，这段时间内不会因现金价值不足而失效； LIBR 终身收入条款要满 60 岁、保单生效满 10 年、贷款还清等条件才能启动。

Two things to watch. First, upside is capped, around 11% on the base strategy, with interest bonuses on top. National Life LLD's Enhancer riders are available at any face amount and can lift the ceiling to about 17%; the higher tiers carry an extra charge. Second, years of underfunding, 0% credits or heavy borrowing can lapse the policy. National Life LLD's Guaranteed Flex Rider offers a 10- to 40-year guarantee period: fund it as the rider requires and the policy won't lapse for insufficient cash value during that time. The LIBR lifetime income rider can only be switched on at 60 or older, after ten years in force, with loans repaid, among other conditions.

合规提醒Compliance

不要说"平均 6–7% 复利""保底不亏钱"。要说："跌的年份记 0%，不往下扣；长期平均是多少要看指数和上限， 演示表上写的是假设。"讲条款时说"国家人寿 LLD 的这个条款是这样写的"，不说"独家""别家没有"。 保证期和 LIBR 都有条件，条件要一起讲。

Don't say "6–7% compounded on average" or "guaranteed never to lose." Say: "A down year credits zero rather than a loss; the long-run average depends on the index and the cap, and the figure on the illustration is an assumption." For riders, say "here is what National Life's LLD rider says," never "exclusive" or "no one else has it." The guarantee period and LIBR both have conditions; state them together.

四十多年，永久寿险的主角换了四轮Four Decades, Four Changes at the Top

美国永久型寿险销售中各类产品的占比，1976–2019：终身寿险从 100% 降到 1985 年约 53%、2000 年约 30%，2019 年约 40%；万能寿险 1985 年约 42%、2007 年约 54%，2019 年约 15%；投资型万能 2000 年约 47%；指数型万能 2009 年约 8%、2019 年约 33%。四段标注：Rise of UL、Rise of VUL、Rise of GUL、Rise of IUL / Share of US permanent life sales by product, 1976–2019: whole life from 100% to about 53% in 1985, 30% in 2000 and 40% in 2019; UL about 42% in 1985, 54% in 2007, 15% in 2019; VUL/VL about 47% in 2000; IUL about 8% in 2009 and 33% in 2019. Four eras labelled Rise of UL, VUL, GUL and IUL
美国永久型寿险销售中各类产品占比，1976–2019 · 原图未标数据出处Share of US permanent life sales by product, 1976–2019 · the original chart gives no source

前面讲的是每一代产品本身，这一页看市场是怎么选的。这张图的纵轴是永久型寿险销售里各类产品的占比， 横轴从 1976 年到 2019 年。四条线：深紫是终身寿险 WL，黄色是万能寿险 UL，绿色是投资型 VUL / VL，蓝色是指数型 IUL。 三条竖虚线把四十多年切成四段。

So far we've looked at each generation on its own; this slide shows how the market chose. The vertical axis is each product's share of US permanent life sales, the horizontal runs from 1976 to 2019. Four lines: dark purple is whole life, yellow is UL, green is VUL/VL, blue is IUL. Three dotted lines cut four decades into four eras.

第一段，"Rise of UL"。1980 年以前，永久寿险几乎全是终身寿险；万能寿险 1979 年出来以后， 赶上八十年代初的高利率，几年里涨到四成多，终身寿险跌到一半左右。

Era one, the rise of UL. Before 1980 permanent life was essentially all whole life. Universal life arrived in 1979, met the high interest rates of the early eighties, and climbed past 40% within a few years, while whole life fell to about half.

第二段，"Rise of VUL"。1985 到 2000 年，九十年代股市一路走牛，投资型万能跟着上来， 2000 年前后接近一半，和股市见顶几乎同时。

Era two, the rise of VUL. From 1985 to 2000 the bull market of the nineties carried variable products up, to nearly half of sales around 2000, almost exactly as the market peaked.

第三段，"Rise of GUL"。股市泡沫破了，VUL 一路下滑，带保证的万能寿险 GUL 接棒， 万能这一类在 2007 年前后涨到五成多。第四段，"Rise of IUL"。2009 年起，IUL 从不到一成涨到 2019 年三成多， 万能寿险降到一成半左右，终身寿险稳在四成上下。

Era three, the rise of GUL. When the bubble burst, VUL slid, and guaranteed universal life took over, lifting the UL line past 50% around 2007. Era four, the rise of IUL. From 2009, IUL grew from under a tenth to over a third by 2019, UL fell to about 15%, and whole life held near 40%.

这张图告诉我们一件事：每一代产品的兴衰，都跟当时的利率和股市有关。 利率高，万能寿险受欢迎；股市牛，VUL 受欢迎；市场一跌，大家又想要保证。IUL 的上涨，靠的是"涨能参与、跌有下限"这个组合。

The chart tells us one thing: each generation rose and fell with the interest rates and markets of its time. High rates favoured UL; a bull market favoured VUL; when markets fell, people wanted guarantees again. IUL's rise rests on the combination of taking part in gains while having a floor on losses.

讲师提醒Presenter note

图上的百分比是从曲线上目测的，讲"大约""接近一半"就好。原图没有标数据出处， 被问到时如实说"这是行业里流传的一张图，原图没标来源"，不要替它补一个出处。

The percentages are read off the curves by eye, so say "about" and "nearly half." The original chart gives no source. If asked, say plainly that it's an industry chart that circulates without a source; don't supply one for it.

美国个人寿险销售：保费在涨，件数在降US Individual Life Sales: Premium Up, Policies Down

U.S. Individual Life Insurance Sales，1977–2020：堆叠柱为按产品分的年化保费（终身寿险、定期、固定万能、指数型万能、投资型产品，右轴 $0–16 十亿），黄线为保单件数（左轴 0–20 百万）；标注 30 年期国债 14%、UL replacing WL、Weak economy、Market conduct issues、S&P 每年涨 20%、Growth of LTG UL、Great recession、COVID / US individual life sales 1977–2020: stacked bars of annualised premium by product (whole life, term, fixed UL, indexed UL, variable; right axis $0–16bn) and a yellow line for policy count (left axis 0–20 million), annotated 30-year T-bill 14%, UL replacing WL, weak economy, market conduct issues, S&P up 20% a year, growth of LTG UL, great recession, COVID
1977–2020 · 柱：年化保费（十亿美元）· 线：保单件数（百万）· 2020 为估计 · 原图未标出处1977–2020 · bars: annualised premium ($bn) · line: policies (millions) · 2020 estimated · no source on the original

这一张换个角度看：不分永久和定期，看美国个人寿险每年卖了多少。 柱子是年化保费，看右边的刻度，单位是十亿美元，按产品分颜色：最下面是终身寿险，往上是定期、固定万能、 指数型万能，最上面是投资型产品。黄线是保单件数，看左边的刻度，单位是百万张。

This chart takes another angle: all US individual life sales each year, permanent and term together. The bars are annualised premium on the right-hand scale, in billions of dollars, coloured by product: whole life at the bottom, then term, fixed UL, indexed UL, and variable products on top. The yellow line is the number of policies on the left-hand scale, in millions.

图上的文字标注，正好对上前面讲的历史。八十年代初，30 年期国债利率高到 14%， 万能寿险开始取代终身寿险；九十年代中后期，标普每年涨两成上下，投资型产品那一截明显变厚； 2000 年代，带长期保证的万能寿险增长；2008 年金融危机，保费一下掉下来； 2009 年以后，指数型万能那一截从无到有，越来越厚。

The labels line up with the history we've just covered. In the early eighties the 30-year Treasury yield hit 14% and universal life began replacing whole life. In the mid-to-late nineties the S&P gained around 20% a year and the variable band thickened visibly. In the 2000s, UL with long-term guarantees grew. The 2008 crisis knocked premium down. After 2009 the indexed UL band appears from nothing and keeps thickening.

最值得讲的是那条黄线。保单件数在 1983、84 年前后见顶，大约 1,700 多万张，之后一路往下， 到近几年只有 1,000 万张上下；而保费总额反而涨到每年约 150 亿美元。 也就是说，买保险的人变少了，每个人买得更多。很多家庭其实没有被保障到，这正是我们的工作空间。

The yellow line is the part most worth explaining. Policy count peaked around 1983–84, at a little over 17 million, then fell steadily to around 10 million in recent years, while total premium rose to about $15 billion a year. In other words, fewer people are buying, and each buys more. Many families simply aren't covered, and that's where our work is.

讲师提醒Presenter note

数字是按刻度目测的，讲"大约"。2020 年那根柱子后面有星号，是估计值。 原图没标出处，不要说成"LIMRA 数据"；要引用正式数字，用下一页那张带出处的表。

Figures are read off the scale by eye, so say "about." The 2020 bar carries an asterisk: it's an estimate. The original gives no source, so don't call it LIMRA data; for citable figures use the sourced table on the next slide.

2024 年各类寿险的增长与份额2024 Growth and Share by Product

LIMRA：2024 年第四季度美国零售寿险各产品增长率（与 2023 年相比）。指数型万能：第四季度年化保费 +10%、件数 +6%、份额 26%；全年 +4%、+10%、24%。终身寿险：第四季度 +3%、+3%、35%；全年 −4%、−2%、36%。投资型万能：第四季度 +37%、+10%、16%；全年 +15%、+6%、14%。定期：第四季度 −1%、−1%、17%；全年 +1%、+1%、19%。固定万能：第四季度 −1%、−13%、6%；全年 +7%、−12%、7%。合计：第四季度 +9%、+1%；全年 +3%、0% / LIMRA, US retail life growth by product, Q4 2024 vs 2023. IUL: Q4 premium +10%, policies +6%, share 26%; full year +4%, +10%, 24%. Whole life: Q4 +3%, +3%, 35%; year −4%, −2%, 36%. VUL: Q4 +37%, +10%, 16%; year +15%, +6%, 14%. Term: Q4 −1%, −1%, 17%; year +1%, +1%, 19%. Fixed UL: Q4 −1%, −13%, 6%; year +7%, −12%, 7%. Total: Q4 +9%, +1%; year +3%, 0%
来源：LIMRA U.S. Retail Individual Life Insurance Sales Summary Report, Fourth Quarter 2024 · 份额为行业估计Source: LIMRA U.S. Retail Individual Life Insurance Sales Summary Report, Fourth Quarter 2024 · shares are industry estimates

这一张是有正式出处的数据：LIMRA，美国寿险行业研究机构，2024 年第四季度的零售个人寿险销售报告。 表里比的是 2024 年和 2023 年相比的变化，每类产品两行：一行是第四季度，一行是 2024 全年。 三列分别是年化保费的增长、保单件数的增长，和按年化保费算的市场份额。

This one has a proper source: LIMRA, the US life insurance industry research body, and its retail individual life sales report for the fourth quarter of 2024. It compares 2024 with 2023, two rows per product: the fourth quarter, and the full year. The three columns are growth in annualised premium, growth in policy count, and market share by annualised premium.

先看框出来的两类。指数型万能 IUL：2024 全年年化保费增长 4%，件数增长 10%， 份额 24%；第四季度更快，保费增长 10%，份额 26%。终身寿险：全年保费下降 4%，件数下降 2%， 但份额仍有 36%，是第一大类；第四季度回升了 3%。

Start with the two boxed rows. IUL: for full-year 2024, annualised premium up 4%, policies up 10%, a 24% share; faster in the fourth quarter, with premium up 10% and a 26% share. Whole life: full-year premium down 4% and policies down 2%, yet still a 36% share, the largest category; it picked up 3% in the fourth quarter.

其他几类：投资型万能第四季度保费增长 37%，全年 15%，跟 2024 年股市走强有关，这正好印证了上一页说的， VUL 跟着股市走。定期寿险基本持平，全年份额 19%。固定万能件数下降一成多。整个市场全年保费增长 3%，件数持平。

The rest: VUL premium rose 37% in the fourth quarter and 15% for the year, tied to 2024's strong market, which bears out the last slide: VUL follows stocks. Term was roughly flat, with a 19% share for the year. Fixed UL policy count fell by more than a tenth. The market as a whole grew premium 3% for the year, with policy count flat.

怎么讲给伙伴听？终身寿险仍然是保费最大的一块，IUL 是第二大、而且件数增长最快之一。 讲到这里就够了，不需要说谁"淘汰"了谁。

How to put it? Whole life is still the largest block of premium; IUL is second and among the fastest growing by policy count. That's enough. There's no need to say anything has been "replaced."

讲师提醒Presenter note

注意"增长率"和"份额"是两回事：份额那一列是在全部年化保费里占多少，不是增长了多少。 引用时把季度、口径和 LIMRA 一起说出来。

Keep growth and share apart: the share column is the slice of all annualised premium, not how much it grew. When you quote it, give the quarter, the measure and LIMRA together.

2024 年 IUL 销售排名：三种口径2024 IUL Sales Rankings: Three Measures

LIMRA 美国个人寿险指数型万能险销售 2024 年度排名（单位千美元）。按年化保费：Pacific Life 540,237 第一，National Life Group 488,317 第二，Nationwide 355,560 第三；按总保费：National Life Group 818,294 第一，Pacific Life 769,799 第二；按保单件数：National Life Group 132,934 第一，Transamerica 91,338 第二。前 20 名占行业 96% / LIMRA US individual life IUL sales, 2024 year-end rankings ($000). By annualised premium: Pacific Life 540,237 first, National Life Group 488,317 second, Nationwide 355,560 third; by total premium: National Life Group 818,294 first, Pacific Life 769,799 second; by policy count: National Life Group 132,934 first, Transamerica 91,338 second. Top 20 hold 96% of the industry
来源：LIMRA U.S. Retail Individual Life Insurance Sales Survey · 2024 全年 · 单位：千美元Source: LIMRA U.S. Retail Individual Life Insurance Sales Survey · full year 2024 · $000

这是 LIMRA 2024 年全年的 IUL 销售排名，单位是千美元。表分三栏，是三种不同的排名口径，讲的时候一定要分开。

This is LIMRA's full-year 2024 IUL sales ranking, in thousands of dollars. The table has three panels, three different ways of ranking, and you must keep them apart.

第一栏，按新年化保费：期缴保费加上一次性保费的 10%。Pacific Life 太平洋人寿第一，约 5.40 亿美元； 国家人寿第二，约 4.88 亿；Nationwide 第三。第二栏，按总保费：期缴、超额和一次性保费全部加起来。 国家人寿第一，约 8.18 亿，太平洋人寿第二，约 7.70 亿。第三栏，按保单件数：国家人寿第一， 13 万 2,934 张，第二名 Transamerica 是 9 万 1,338 张。

Panel one, new annualised premium: recurring premium plus 10% of single premium. Pacific Life is first at about $540 million; National Life second at about $488 million; Nationwide third. Panel two, total premium: recurring, excess and single premium combined. National Life is first at about $818 million, Pacific Life second at about $770 million. Panel three, policy count: National Life first with 132,934 policies, Transamerica second with 91,338.

三个数放在一起，能读出客户结构。粗算一下，太平洋人寿平均每张保单的年化保费约 6.8 万美元， 以大额客户为主；国家人寿平均每张约 3,700 美元，以普通家庭为主，卖出的件数最多。 对我们来说，这说明国家人寿的产品，服务的正是我们最常见的那类客户。

Put the three together and you can read the client base. Roughly, Pacific Life's annualised premium works out to about $68,000 per policy, mostly large cases; National Life's is about $3,700, mostly everyday families, and it sells the most policies. For us, it means National Life's products serve exactly the clients we see most.

另外两个数可以一起讲：国家人寿自己公布的 2024 年全部寿险销售，按加权新年化保费是 6.35 亿美元， 比 2023 年的 5.3 亿增长 20%；全美有 1,295 家代理商和国家人寿签约。行业数据公司 Wink 的季度排名里， 国家人寿 2026 年第二季度指数型寿险份额 15.7%，排名第一。注意这几个数口径不同，不要和这张表混着比。

Two more figures go with it. National Life reports 2024 total life sales of $635 million in weighted new annualised premium, up 20% from $530 million in 2023, and 1,295 agencies across the US are contracted with it. In Wink's quarterly rankings, National Life was first in indexed life in Q2 2026 with a 15.7% share. These use different measures, so don't mix them with this table.

合规提醒Compliance

说"第一"一定带上口径和来源，例如"LIMRA 2024 全年 IUL 保单件数第一""Wink 2026 年第二季度份额 15.7%，排名第一"； 按年化保费它是第二，不要说成"全美第一"。排名表属于内部培训资料，不要截图发给客户。

Whenever you say "first," give the measure and source: "first in IUL policy count, LIMRA full-year 2024"; "first per Wink, Q2 2026, 15.7% share." By annualised premium it's second, so never just say "number one in the US." Ranking tables are internal training material; don't screenshot them to clients.

$100 万保额，总保费差多少Same $1M Face: How Total Premium Compares

男 40 岁 · $100 万保额Male 40 · $1M face 年保费Annual premium 年限Years 总保费Total premium 保额 ÷ 总保费Face ÷ total
NLG Living Life Defender (IUL)$11,97215$179,5805.57
New York Life$28,23020$564,6001.77
MassMutual$23,52020$470,4002.13
Penn Mutual$20,30020$406,0002.46
NLG Total Secure$19,52220$390,4402.56

这份演示里：IUL 每 $1 总保费对应约 $5.57 保额；终身寿险一类约 $1.8–2.6In this illustration, each $1 of total premium supports about $5.57 of IUL cover, versus about $1.8–2.6 for the whole-life rows

演示值，男 40 岁标准体，换年龄体况结果不同Illustrated values, male 40, standard class; results differ by age and health

最后一页，把几家公司的报价放在一起。案例是一位 40 岁男性、标准体，买 $100 万保额。 最右边一列，是保额除以总保费：每交 $1 的保费，对应多少保额。

The last slide puts several carriers' quotes side by side. The case is a 40-year-old man, standard class, buying $1 million of cover. The right-hand column is face amount divided by total premium: how much cover each dollar of premium supports.

第一行是国家人寿的 Living Life Defender，一份 IUL 演示：一年 $11,972，交 15 年，总保费 $179,580， $100 万除以它，约 5.57。下面四行是终身寿险一类的报价，都是交 20 年：纽约人寿一年 $28,230，总保费 $564,600，约 1.77； 万通 $23,520，总保费 $470,400，约 2.13；Penn Mutual $20,300，总保费 $406,000，约 2.46； 国家人寿的 Total Secure $19,522，总保费 $390,440，约 2.56。

The first row is National Life's Living Life Defender, an IUL illustration: $11,972 a year for 15 years, $179,580 in total, so $1 million divided by that is about 5.57. The four rows below are whole-life-type quotes, all paid over 20 years: New York Life at $28,230 a year, $564,600 in total, about 1.77; MassMutual at $23,520, $470,400, about 2.13; Penn Mutual at $20,300, $406,000, about 2.46; and National Life's Total Secure at $19,522, $390,440, about 2.56.

所以在这一份演示里，IUL 每 $1 总保费大约对应 $5.57 的保额，终身寿险一类大约 $1.8 到 $2.6。 这就是前面说"同样保额，IUL 所需保费通常较低"的具体样子。

So in this illustration, each dollar of IUL premium supports about $5.57 of cover, against roughly $1.80 to $2.60 for the whole-life rows. That's what "for the same face, IUL usually needs less premium" looks like in practice.

但这张表一定要和两句话一起讲。第一，5.57 这个倍数只属于这一份演示： 40 岁、男性、标准体、这种缴费方式。换一个人、换年龄、换体况、换缴费年限，数字都不一样。 第二，两边买到的东西不完全一样：终身寿险的保额由合同保证，IUL 能不能用 15 年的保费撑到老， 要看将来实际的记息和成本。

But this table must always come with two sentences. First, 5.57 belongs to this one illustration only: age 40, male, standard class, this funding pattern. Change the person, the age, the health class or the payment period and every number changes. Second, the two sides aren't buying exactly the same thing: whole life's face amount is contractually guaranteed, while whether 15 years of IUL premium carries the policy into old age depends on future crediting and charges.

合规提醒Compliance

不要对客户说"1 块换 5.57 块，杠杆高"。要说："按你的年龄和体况跑一份演示表出来看，每个人的数字不一样。" 这张表是内部培训用的同业报价对照，不要截图发给客户，也不要拿它评价别家公司。

Never tell a client "one dollar buys $5.57, high leverage." Say: "Let's run an illustration on your age and rate class; the number is different for everyone." This table is an internal comparison of quotes for training. Don't screenshot it to clients, and don't use it to pass judgement on other carriers.

互动设计Interaction

先遮住最右边一列，请伙伴们心算：$100 万除以 $179,580 大约是多少？再除以 $564,600 呢？ 算完再问：如果客户是 55 岁，你觉得这两个数会怎么变？

Cover the right-hand column first and have people work it out: $1 million divided by $179,580 is roughly what? And by $564,600? Then ask: if the client were 55, how would you expect those two numbers to change?

本文目录Contents
  1. 一条时间线The timeline
  2. 定期寿险 Term LifeTerm Life
  3. 终身寿险 Whole LifeWhole Life
  4. 万能寿险 Universal LifeUniversal Life
  5. 投资型万能寿险 VULVariable Universal Life
  6. 指数型万能寿险 IULIndexed Universal Life
  7. 封顶与保底：举个例子Cap and floor: an example
  8. IUL 的潜在问题Where IUL can go wrong
  9. 再说税Taxes
  10. 后来加上的生前福利Living benefits, added later
  11. 问自己三个问题Three questions to ask yourself

人寿保险先分两大类。一类是消费型：保一段时间，到期就没了， 保费一般不退。另一类是永久型：保一辈子，里面还有一个存钱的账户， 叫现金价值（cash value）。五代产品，就是在四件事上来回取舍： 灵不灵活、成本清不清楚、回报高不高、风险大不大。

Life insurance splits into two families. Term covers you for a set period, then ends, and the premiums generally aren't returned. Permanent covers you for life and carries a savings account inside it, called cash value. The five generations are a series of trade-offs across four questions: how flexible is it, how clear are the costs, how high is the return, and how big is the risk?

一、一条时间线1. The timeline

1583

定期寿险 Term Life

Term Life

1583 年的伦敦就已经有一年期的寿险保单。纯保障。便宜，但到期即止，没有现金价值。

London already had one-year life policies in 1583. Pure protection. Cheap, but it expires, and there's no cash value.

1762

终身寿险 Whole Life

Whole Life

1762 年成立的伦敦 Equitable 开始卖平准保费的终身寿险；美国在 1840–50 年代普及， 纽约人寿（1845）、万通（1851）都是那时成立的。解决了"保不到终身"的问题， 但保费与保额都不灵活，成本高。

The Equitable, founded in London in 1762, began selling level-premium whole life; in the US it spread in the 1840s–50s, when New York Life (1845) and MassMutual (1851) were founded. Solved the expiry problem, but premium and face amount are locked, and it's expensive.

1979

万能寿险 Universal Life

Universal Life

解决了"不灵活"和"不透明"，但按保险公司每年宣布的利率计息，利率不保证，也没有别的策略可选。

Solved flexibility and transparency, but interest is credited at a rate the carrier declares each year, with no guarantee and no other strategy to choose.

1985

投资型万能寿险 VUL

Variable Universal Life

解决了"回报低"，钱真的放进市场，客户自选股票、债券子账户，代价是完全不保底。

Solved low returns by putting the money in the market through sub-accounts you pick, at the cost of having no floor at all.

1997

指数型万能寿险 IUL

Indexed Universal Life

解决了"没有保底"，按指数涨幅记息，涨有封顶、跌有保底。

Solved the no-floor problem: interest follows an index, capped on the upside, floored on the downside.

2007 →

带生前福利的 IUL

IUL with living benefits

2007 年起，生前福利条款被系统性地加进 IUL。国家人寿这条产品线依次是 Living Life（2016）、Living Life By Design（2019）、Living Life Defender（2023）、 Living Life Defender 2.0（2025）。

From 2007, living benefit riders were built into IUL systematically. National Life's line runs Living Life (2016), Living Life By Design (2019), Living Life Defender (2023), and Living Life Defender 2.0 (2025).

二、第一代：定期寿险 Term Life2. Generation one: Term Life

定期寿险是最老的一种，四百多年前就有了。它有点像车险：保 10 年、20 年、30 年， 这期间人走了，家人拿到保额；平安到期，保费一般不退。好处是便宜。年轻健康时买，价格很低， 还能锁住你现在的健康等级。

Term is the oldest kind, more than four hundred years old. It works a bit like car insurance: you're covered for 10, 20 or 30 years; if you die in that window your family receives the face amount, and if you reach the end safely, the premiums generally aren't returned. The upside is price. Bought young and healthy, it's very cheap, and it locks in your current health rating.

麻烦是在到期以后。想接着保，一般有两条路：一条是按合同续保， 不用重新体检，但价格按年龄重算，会大幅上涨；另一条是重新买一张， 要重新审核健康，不一定批得下来。

The trouble starts when it expires. To stay covered there are usually two routes: renew under the contract, with no new medical exam but a price recalculated for your age, which jumps sharply; or buy a new policy, which means new underwriting that may not be approved.

优点Pros

  • 年轻且健康时价格非常便宜
  • Very cheap while you're young and healthy
  • 可以锁定当前的健康等级
  • Locks in your current health classification

缺点Cons

  • 只保一段时间：10 / 15 / 20 / 30 年
  • Temporary only: 10 / 15 / 20 / 30 years
  • 不存钱，类似车险，平安到期保费一般不退
  • No accumulation: like car insurance, premiums generally aren't returned
  • 到期按合同续保价格大幅上涨；重新买要重新核保，不一定批
  • Contract renewal costs far more; a new policy needs new underwriting and may be declined
算一笔账：36 岁女性，$100 万保额Run the numbers: female, age 36, $1M face
方案Option 缴费Payments 合计Total
30 年定期寿险
36–66 岁30-year term
ages 36–66		 $1,500 × 30$45,000
按合同续保 20 年
66–86 岁
价格按年龄重算，取平均Renew 20 years under contract
ages 66–86
repriced for age, averaged		 $15,000 × 20$300,000
合计（保到 86 岁，一分钱没存下）Total (covered to 86, nothing saved) $345,000
指数型万能险 IUL
36–120 岁IUL
ages 36–120		 $9,600 × 15$144,000

同一个人买 IUL，一年 $9,600，交 15 年，一共 $144,000。 保费先扣掉费用和保险成本，剩下的留在保单里延税增长。按计划书演示，65 岁的时候， 现金价值大约 $35 万（演示值，非保证）。定期寿险那 $345,000 则是花掉的。

The same person buying IUL pays $9,600 a year for 15 years, $144,000 in all. Fees and the cost of insurance come out first, and what's left stays in the policy and grows tax-deferred. On the illustration, cash value at 65 is roughly $350,000 (illustrated, not guaranteed). The term column's $345,000 is simply spent.

这不意味着定期寿险是坏产品。定期寿险适合谁？如果一个人刚背上 $80 万房贷， 孩子才两岁，预算又紧，先用定期险把缺口补上，是完全正确的决定。问题只在于： 把它当成终身方案，数学上不成立。

None of this makes term a bad product. Who is it for? Someone who just took on an $800k mortgage, with a two-year-old at home and a tight budget: covering that gap with term first is exactly the right call. The problem is only this: as a lifetime plan, the math doesn't work.

三、第二代：终身寿险 Whole Life3. Generation two: Whole Life

终身寿险也有两百多年的历史了。它弥补了定期险到期会失效这个缺点：只要按时交钱， 就可以保一辈子。保额和现金价值的增长（大约 3–4%）都写在合同里保证。 有些公司每年还会分红，但分红是不保证的。

Whole life is more than two hundred years old. It fixes term's expiry problem: pay on time and you're covered for life. Both the face amount and cash value growth (roughly 3–4%) are guaranteed in the contract. Some carriers also pay an annual dividend, but dividends aren't guaranteed.

但代价有三个。第一，贵。同样 36 岁、$100 万，一年大约 $22,000， 15 年付清，一共 $330,000 的保费，是刚才 IUL（$144,000）的两倍多。 第二，不灵活，保单生效以后，保费和保额基本改不了。 第三，不透明，里面每一项成本扣了多少，你看不到。

The price comes in three parts. First, it's expensive. Same 36-year-old, same $1M: about $22,000 a year, paid up in 15 years, $330,000 in total, more than twice the IUL's $144,000. Second, it's rigid: once issued, premium and face amount are essentially fixed. Third, it's opaque: you can't see what each cost deducts.

优点Pros

  • 保障可以做到终身，解决了 Term 到期的问题
  • Lifetime coverage, which fixes term's expiry problem
  • 按时缴费，保额和约 3–4% 的增长由合同保证
  • Paid on schedule, the face amount and roughly 3–4% growth are contractually guaranteed
  • 部分公司有分红（不保证）
  • Some carriers pay dividends (not guaranteed)

缺点Cons

  • 保费高昂：$22,000/年 × 15 年 = $330,000
  • Expensive: $22,000/year × 15 years = $330,000
  • 保费与保额不灵活，保单生效后基本不可改变
  • Premium and face amount are fixed once issued
  • 保单成本不透明，投资策略不可选
  • Costs aren't itemized, and there's no strategy choice
  • 保单贷款利率高，通常 5–6% 固定
  • Policy loan rates are high, typically 5–6% fixed

代表公司：New York Life 纽约人寿、Mass Mutual 万通人寿、MetLife 大都会、 Northwestern Mutual 西北互惠。

Typical carriers: New York Life, MassMutual, MetLife, Northwestern Mutual.

四、第三代：万能寿险 Universal Life4. Generation three: Universal Life

万能寿险 1979 年诞生，补上了终身寿险的两个缺点。一个是灵活： 保费可以多交少交，根据自己的情况而定，保额也可以调整。另一个是透明： 每个月扣多少保险成本、多少费用，对账单上一项一项列着，非常清楚。

Universal life arrived in 1979 and fixed two of whole life's flaws. One is flexibility: you can pay more or less depending on your situation, and the face amount can be adjusted. The other is transparency: each month's cost of insurance and fees are itemized on the statement, line by line.

它按保险公司每年宣布的利率计息，大约 5% 左右，但这个利率不保证， 你也没有别的策略可以选。新的风险也随之而来：连着几年交得太少，现金价值不够扣成本， 保单就会失效。

Interest is credited at a rate the carrier declares each year, around 5%, but that rate isn't guaranteed and there's no other strategy to choose. And a new risk arrives with it: underfund for several years in a row, and when cash value can't cover the charges, the policy lapses.

优点Pros

  • 保费与保额灵活，解决了 Whole Life 不灵活的缺点
  • Flexible premium and face amount, which fixes whole life's rigidity
  • 保单成本逐项列在对账单上，解决了不透明的缺点
  • Costs are itemized on the statement

缺点Cons

  • 按保险公司宣布的利率计息，约 5%，不保证
  • Credited at a carrier-declared rate, around 5%, not guaranteed
  • 投资策略不可选
  • No strategy choice
  • 贷款利率高，5–6% 固定
  • Loan rates of 5–6% fixed
  • 连续几年交得太少，保单会失效
  • Several years of underfunding can lapse the policy
  • 保费仍然较高：$12,000/年 × 15 年 = $180,000
  • Still expensive: $12,000/year × 15 years = $180,000

五、第四代：投资型万能寿险 VUL5. Generation four: Variable Universal Life

VUL 也可以叫投连险，是八十年代中期出来的产品。它想弥补的是终身寿险和万能寿险回报低的问题。 保单里的钱，你可以自己挑子账户，股票的、债券的都有，钱是真的放进了市场。 涨的时候没有上限，跌的时候也没有保底。

VUL, sometimes called a variable or investment-linked policy, appeared in the mid-1980s to fix the low returns of whole life and universal life. You pick the sub-accounts, equity or bond, and the money really does go into the market. No ceiling on the way up, and no floor on the way down.

优点Pros

  • 保费与保额灵活
  • Flexible premium and face amount
  • 回报潜力高，涨的时候没有上限
  • Higher return potential, with no ceiling
  • 客户可自选子账户：股票、债券等
  • You choose the sub-accounts: equity, bond, and so on

缺点Cons

  • 风险高，完全不保底
  • High risk, no floor at all
  • 投资下跌、现金价值缩水时，保险成本照扣，钱不够扣保单就可能失效
  • When investments fall, charges keep coming out, and the policy can lapse
  • 可能需要支付投资管理费用
  • May carry investment management fees
  • 贷款利率 5–6% 固定
  • Loan rates 5–6% fixed

VUL 的问题出在风险与保障目的不匹配，不在回报。 如果选择的投资下跌，现金价值缩水，保险成本还是每个月照样扣。钱不够扣，保单可能就失效了。 所以你最需要这张保单的时候，可能正好是它撑不住的时候。

VUL's problem is a mismatch between risk and purpose, not returns. If your investments fall and cash value shrinks, the cost of insurance still comes out every month. When there isn't enough to cover it, the policy can lapse. The moment you most need the policy may be exactly the moment it can't hold.

举一个真实的例子：一张 VUL 保单的对账单上，2022 年 1 月 1 日到 6 月 30 日的回报是 −28.9%； 从 2021 年 2 月 1 日生效算起，到 2022 年 6 月 30 日，年化回报 −26.9%。那半年标普 500 大约跌了两成， 这个账户跌得更多。这只是一个账户在一个坏年份的结果，但它就是"不保底"的样子。

A real example: one VUL statement shows −28.9% from 1 January to 30 June 2022, and −26.9% annualised from inception on 1 February 2021 to 30 June 2022. The S&P 500 fell roughly a fifth over that half-year, and this account fell further. It's one account in one bad year, but that is what "no floor" looks like.

六、第五代：指数型万能寿险 IUL6. Generation five: Indexed Universal Life

IUL 在 1997 年第一次被提出，它要解决的，就是 VUL 没有保底的问题。 IUL 的钱不直接进股市。保险公司看一个指数，最常见的是标普 500， 按它一年涨了多少，给你记利息。规则就两条：

IUL was first introduced in 1997 to solve VUL's missing floor. In an IUL the money doesn't go directly into the stock market. The carrier watches an index, most often the S&P 500, and credits you interest based on how much it rose that year. There are just two rules:

  1. 保底，也是最重要的一点：指数跌了，这一年一般记零，不会让利息记为负数。
  2. The floor, the most important part: if the index falls, that year is generally credited zero. Interest is never credited as a negative.
  3. 封顶：指数涨得再多，你最多记到一个上限。
  4. The cap: however much the index rises, you're credited up to a ceiling.

机制细节见 IUL 如何运作。

The mechanics are covered in How IUL Works.

优点Pros

  • 保费与保额灵活
  • Flexible premium and face amount
  • 按标普 500 等指数记息，钱不直接进股市
  • Credited against an index such as the S&P 500, without the money entering the market
  • 指数下跌时一般记零，不亏，解决了 VUL 不保底的问题
  • Generally zero, not a loss, in down years, which fixes VUL's missing floor
  • 多种贷款方式：浮动利息贷款、无息贷款等
  • Multiple loan types, including variable and wash loans
  • 同样保额，所需保费通常低于其他永久型寿险（以演示为准）
  • For the same face, usually less premium than other permanent products (per illustration)

需要知道的两点Two things to know

  • 上涨有封顶，基础约 11%；国家人寿 LLD 的 Enhancer 条款任何保额都可开启，上限最高约 17%； 它的 Guaranteed Flex Rider 在满足缴费条件时，保证期内保单不会失效
  • Upside is capped, around 11% at base; National Life LLD's Enhancer riders can lift the ceiling to about 17% at any face amount, and its Guaranteed Flex Rider keeps the policy in force during the guarantee period if its funding conditions are met
  • 保费交得太少或借得太多，保单可能失效（见下文）
  • Too little premium or too much borrowing can lapse the policy (see below)

同样 $100 万保额，总保费差多少Same $1M face: total premium compared

男 40 岁 · 标准体 · $100 万Male 40 · standard · $1M 年保费 × 年限Annual × years 总保费Total premium 保额 ÷ 总保费Face ÷ total
NLG Living Life Defender (IUL)$11,972 × 15$179,5805.57
New York Life$28,230 × 20$564,6001.77
MassMutual$23,520 × 20$470,4002.13
Penn Mutual$20,300 × 20$406,0002.46
NLG Total Secure$19,522 × 20$390,4402.56

演示值，男 40 岁标准体，换年龄体况结果不同。

Illustrated values, male 40, standard class; results differ by age and health.

在这一份演示里，IUL 每 $1 总保费对应约 $5.57 的保额，终身寿险一类约 $1.8–2.6。 这个倍数只属于这一份演示：换一个人、换年龄、换体况、换缴费年限，数字都不一样， 要按客户自己的情况跑一份演示表来看。而且两边买到的东西不完全一样：终身寿险的保额由合同保证， IUL 能不能用 15 年的保费撑到老，要看将来实际的记息和成本。 IUL 常见的公司有 National Life Group 国家人寿、Corebridge（原 AIG）、TransAmerica、Allianz、 Nationwide、Pacific Life 太平洋人寿。

In this illustration, each $1 of total premium supports about $5.57 of IUL cover, against about $1.80–2.60 for the whole-life rows. That multiple belongs to this one illustration: change the person, the age, the health class or the payment period and every number changes, so run an illustration on the client's own facts. Nor are the two sides buying exactly the same thing: whole life's face amount is contractually guaranteed, while whether 15 years of IUL premium carries the policy into old age depends on future crediting and charges. Carriers common in IUL: National Life Group, Corebridge (formerly AIG), Transamerica, Allianz, Nationwide, Pacific Life.

市场怎么选How the market has chosen

按 LIMRA 2024 年第四季度的零售个人寿险销售报告，2024 全年按年化保费算，终身寿险占 36%， 仍是最大的一类；IUL 占 24%，年化保费增长 4%、保单件数增长 10%；定期寿险 19%，投资型万能 14%， 固定万能 7%。投资型万能全年保费增长 15%，跟 2024 年股市走强有关。

Per LIMRA's retail individual life sales report for Q4 2024, by annualised premium for full-year 2024 whole life held 36%, still the largest category; IUL held 24%, with premium up 4% and policy count up 10%; term 19%, VUL 14% and fixed UL 7%. VUL premium rose 15% for the year, tied to 2024's strong market.

LIMRA 2024 年全年的 IUL 销售排名有三种口径：按新年化保费，Pacific Life 第一（约 $5.40 亿）、 国家人寿第二（约 $4.88 亿）；按总保费，国家人寿第一（约 $8.18 亿）；按保单件数，国家人寿第一（132,934 张）。 说"第一"时把口径和来源一起说出来。

LIMRA's full-year 2024 IUL rankings use three measures. By new annualised premium, Pacific Life is first (about $540M) and National Life second (about $488M); by total premium, National Life is first (about $818M); by policy count, National Life is first (132,934 policies). Whenever you say "first," give the measure and the source.

七、封顶与保底：举个例子7. Cap and floor: an example

假设封顶是 11%。标普今年涨 20%，你记 11%；明年跌 20%，你记零。

Say the cap is 11%. The S&P gains 20% this year: you're credited 11%. Next year it falls 20%: you're credited zero.

+20% → 11%涨得再多，记到封顶A big gain is credited up to the cap
−20% → 0%跌了一般记零，不记负数A loss is generally credited zero, never negative
≈ 7%1990–2021 回测的年均记息Average annual credit in a 1990–2021 backtest

长期平均下来能记多少？2021 年，有位投资顾问做过回测，用 1990 到 2021 年的标普 500 数据， 按封顶 11%、保底 0 计算，平均每年大约记 7%。回测用的是历史数据，不代表未来； 实际封顶会随保险公司调整，以保单为准。

What does that average out to over time? In 2021 an investment adviser ran a backtest on S&P 500 data from 1990 to 2021 with an 11% cap and a 0% floor, and the average credit came to about 7% a year. A backtest uses past data and doesn't predict the future; actual caps change at the carrier's discretion, and the policy governs.

八、IUL 的潜在问题8. Where IUL can go wrong

如果连续几年保费交得太少，又或者从保单借得太多，保单可能会失效。 所以专业的保单设计，和后续合理的保单维护，是很重要的。 断保的两种典型情形，见 IUL 如何运作。

Several years of too little premium, or too much borrowed from the policy, can cause it to lapse. That's why professional design up front, and sensible maintenance afterwards, matter so much. The two typical ways a policy lapses are covered in How IUL Works.

九、再说税9. Taxes

现金价值增长时先不交税；从保单里贷款拿钱，也不用交税。前提是两条： 保单一直有效，以及交的钱不超过税法的上限（否则会变成 MEC， 税务待遇完全不同）。详见 IUL 如何运作。

Cash value isn't taxed as it grows, and money taken out as a policy loan isn't taxed either. Two conditions apply: the policy stays in force, and funding stays under the tax code's limit (otherwise it becomes a MEC, with entirely different tax treatment). See How IUL Works.

十、后来加上的生前福利10. Living benefits, added later

后来，IUL 上又多了生前福利。有些保单可以加提前理赔重病的附加条款： 如果得了合同写明的重病，可以把保额提前理赔出来。能领多少，要根据疾病严重程度和条款等方面具体分析。 详见生前福利一文。

Later, IUL gained living benefits. Some policies can add an accelerated benefit rider for serious illness: if you're diagnosed with a condition named in the contract, part of the face amount can be paid out early. How much depends on the severity of the condition and the terms of the rider. See Living Benefits.

十一、问自己三个问题11. Three questions to ask yourself

  1. 自己在重疾、护理等方面的保障做好了吗？
  2. Is your coverage for serious illness and long-term care in place?
  3. 你想要的保障，是一段时间，还是一辈子？
  4. Do you want coverage for a period of time, or for life?
  5. 你愿不愿意每年把这笔保费存下来，为未来的退休做好准备？
  6. Are you willing to set this premium aside every year to prepare for retirement?
一句话In one line

哪一代适合你，要看你的保障想要多久，钱能不能长期存得住。

Which generation fits you depends on how long you want the coverage to last, and whether the money can stay put for the long haul.

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本文仅供一般性财务教育使用，不构成保险、税务或投资建议；文中数字为说明性举例，具体保障与条款以保单为准。各州规则不同、法规逐年调整，采取行动前请咨询持证专业人士。

General financial education only, not insurance, tax, or investment advice. Figures are illustrative; the policy governs. Rules vary by state and change over time; consult a licensed professional before acting.