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An Indexed Universal Life (IUL) policy is permanent, flexible life insurance coverage including the opportunity to adjust the premium and the death benefit, as well as accumulate cash value on a tax-deferred basis. The cash value is indexed to a financial market index, offering policyholders the upside potential that comes with investing in the markets while still retaining the protection of life insurance coverage. An IUL policy can by customized, your specialist will build a policy according to your needs.
Included in a indexed universal life insurance:
Permanent Coverage – As long as, premiums are paid on time, you will have coverage for your
lifetime.
Tax Advantages – Income
tax-free death benefit, potential for tax-deferred cash value accumulation
& income tax-free policy loans/ withdrawals.
Accelerated Death Benefits – Early access to a portion of your death benefit in the
event of a terminal or chronic illness.
Flexible Premiums and Benefits – Unique option to change the premium payment amount, payment frequency and death benefit amount.
An IUL is appropriate for adults and children. IUL’s emphasizes cash growth potential due to market index performance along with downside protection guaranteeing no less than 0 percent even if the market index is negative. Depending on the carrier and how the policy is constructed, some IUL’s have a rider attached allowing the policy owner to have a tax-beneficial income for life.
Whole life and universal life are both forms of permanent life insurance, so they are similar in many respects. They both offer a death benefit that lasts throughout your lifetime as well as cash value. However, whole life has a fixed coverage amount and a fixed premium payment that will never increase. Universal life has both more flexibility and more risk.
As with any other life insurance product, the price of index universal life is affected by the death benefit amount as well as your predicted life expectancy. Some factors that we take into account include your age, your gender (women have a longer life expectancy than men), tobacco use, and overall health. An index universal life policy will include a minimum and maximum premium amount, and you have the flexibility to choose a payment amount within that range.