Financial services research firm, Dalbar, says that insurance companies are improving universal life account statements.

“It used to be that mutual fund statements were far superior to universal life statements, but that is no longer the case,” says Manny Da Silva, director for Dalbar’s Canadian office. “We’re now seeing the same range of quality in both product statements.”

Dalbar says that as life products become more widely used to preserve wealth, insurance companies realize they have to support the product in ways that meet customer needs. “Fortunately, some insurance companies are getting the message. These firms realize the statement is one of the most important communication pieces they send to customers and have come a long way in improving it.”

Dalbar’s 2002 universal life statement rankings rate Transamerica Life as the top firm, followed by Standard Life. Sun Life ranks third. Industrial Alliance Life and Manulife Financial round out the top five. “These firms have led the way in improving the presentation and content, clearly identifying the important parts of the statement. They have also become better at avoiding complicated language,” Da Silva says.

The survey notes that the industry could still improve in: comparing account growth or decline to a benchmark, describing other sources to find information and assistance, and identifying the beneficiaries.