A Wall Street Journal article last Saturday discussed the “new lease” on “long derided” whole life insurance due to what can be competitive risk-adjusted returns on certain policies.

Space limitations prevented the insightful author, Leslie Scism, from discussing in detail how the cash value and death benefits from some of the best policies can be significantly enhanced by structuring them to minimize sales commissions. She was kind enough, though, to cite figures I gave her noting how, in one example, with the typical agent-sold policy, the cash value would not equal the premium outlay until year 12; whereas, by designing the same policy with minimized commissions, the cash value almost equals cumulative premiums by the third year.

These cash value differences in the first and early policy years are magnified over time and substantially increase both cash values and death benefits in the efficiently designed, commission-minimized policy.

The article did not mention a key point – that the consumer will not hear about low or no commission alternatives from agents, and inquiries about such possibilities will be met with a range of reasons why it’s not possible or desirable to pursue them.

The Journal article is at least part of a slow trend among more conscientious and independent journalists covering personal finance to let out some of the most closely guarded secrets within the life insurance industry. That development is certainly long overdue.