Evidence is starting to mount that the epoch so beneficial to Indexed UL has ended. 12 Month LIBOR, a proxy for the rate embedded in the price of call spreads, has jumped from 0.75% in 2015 to a current rate of 2.75%, which in itself would cause a decrease in caps from 12% in 2015 to just 8.75% now with the same option budget. Furthermore, carrier portfolio rates have continued to decline or flatline because of a flat yield curve and low returns to credit risk. And, on top of that, volatility is finally picking up again.