A method of funding and managing at least one fund of a plurality of diverse life insurance policies issued by a plurality of investment grade carriers, the at least one fund providing enhanced risk adjusted investment return. The method performing the steps of: selecting the plurality of life insurance policies for the at least one fund without underwriting on the lives of the insured of each life insurance policy; acquiring the selected plurality of life insurance policies for the at least one fund; and managing the fund to maximize a financial risk adjusted investment rate of return that provides equity level returns with fixed income asset exposure.