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Indexed Universal Life (IUL)
Permanent life insurance with cash value that credits interest based in part on the performance of a market index, subject to contract-specific caps, floors, and participation rates.
What this covers
- Index-linked crediting is not a direct investment in the index itself
- Caps, floors, participation rates, and spreads that determine actual credited interest
- Policy charges, cost of insurance, and fees that reduce cash value
- Policy loans and withdrawals, and how they affect the death benefit and cash value
- Non-guaranteed illustrated values versus guaranteed contract minimums
What to watch for
- An IUL is not a direct investment in an index fund or the market — it is a life insurance contract with contractual limits on participation in market-linked growth.
- Lapse risk: if policy charges exceed cash value and premiums, the policy can lapse, potentially with tax consequences.
- Guarantees are subject to the claims-paying ability of the issuing insurer and the terms of the contract.
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