The Study Of Development And Countermeasure Of Universal Life Insurance In China

The universal life insurance originated from U.S.A. It offers the flexiblepropertyofcombingtheprotectionandinvestment,whichis focusedbymanypeople.There is a development history of more than 20 years in U.S.A in the universal lifeinsurance. It is an important life insurance in Europe an America. China Pacific Lifeinsurancecompanyfirstlyintroducedtheconcept oftheuniversallifeinsurancetoourinsurance industry. After Ping An insurance company issued a life insurance productofuniversaltypein2004,thisproductwaspromptlyfashionable.In2005,theshareofthis product is about 50% in Ping An insurance company. So far, there are 16insurancecompaniessellingtheuniversallifeinsuranceproducts.It is ahistoricnecessityforChinatodeveloptheuniversal lifeinsurance.Ontheone hand, it can target to the potential market. On the other hand, it can cater for theincreased different need of the consumers. So it has favorable prospects for futuregrowth. But it is a pitythat the universal life insurance brings many problems, whichhinder its development. How to solve these problems is necessary for its long-termdevelopmentinChina.Inthis article, wediscuss thedevelopment ofoverseas products from thehistoryof universal life insurance. Some constructive solutions were found to solve theseproblems, including exterior environment, supervisory department, management ofinsurance companies and agent, etc. All these will be helpful to the futuredevelopment of universal life insurance in China. In the end, the prospects ofuniversallifeinsuranceinChinawerealsodiscussed.