The life insurance disclosure movement has focused almost entirely on point‐of‐sale disclosure, to the virtual exclusion of post‐sale disclosure. Life insurance companies are therefore under pressure to provide attractive point‐of‐sale information. Some of the methods used to achieve this objective adversely affect long‐time policyholders. Emphasis should be placed on the need for post‐sale disclosure, and policyholders should be educated on how to perform their own evaluations. Publicity should be given to companies whose actions improve the position of long‐time policyholders, and to companies whose actions adversely affect long‐t