an associated interest). No-lapse guarantees can also be lost when loans or withdrawals are taken against the cash values. Use as a tax haven The product is increasingly being used by wealthy individuals as a way to avoid income and estate taxes rather than serving as insurance. Miscellaneous The single largest asset class of all but one of the largest banks in the United States is permanent cash value life insurance, commonly referred to as BOLI, or Bank Owned Life Insurance. During the recent economic crisis, banks accelerated their purchasing of BOLI as it was the single most secure investment they could make. One banker described BOLI as a "constantly resetting municipal bond that I never have to mark to market." The majority of BOLI is current assumption Universal Life, usually sold as a single premium contract. References Life insurance