Indexed Universal Life
Financial Protection for Your Family … Simple
Introducing Indexed Universal Life (IUL) Insurance — a powerful, flexible way to protect your family while also building cash value over time. With an IUL, you not only get the life insurance coverage your loved ones need, but you also have the opportunity to grow your savings based on the performance of a stock market index, like the S&P 500. The best part? Your cash value has growth potential without the risk of losing money due to market downturns, thanks to a protective floor that guarantees your principal remains safe.
IUL policies offer flexibility in how much and when you pay premiums, and they allow you to adjust your death benefit as your financial needs change. The built-up cash value can be accessed tax-free through policy loans or withdrawals, giving you a source of funds for anything from retirement income to major expenses. Additionally, IULs can be a powerful tool for estate planning and leaving a legacy for future generations.
For example, a healthy 40 year old paying $500/mo for 25 years, or $150,000 total, can expect to get about $35,000 per year tax free during retirement. If you purchase these for your children, the benefits are even better. If you put in $100 per month on a new baby until they are 65 years old, or $78,000 total, they can have over $70,000 per year of tax free benefit during their retirement years while still having a large death benefit.
In short, an IUL gives you a permanent life insurance protection with the added advantage of potential cash growth, tax benefits, and financial flexibility — all wrapped into one versatile policy. It’s a smart way to secure your financial future while ensuring your loved ones are cared for.
Frequently Asked Questions
How long does it take to apply?
Most life insurance companies have a short list of health questions to answer. Depending on your answers, the life insurance company may require additional blood work. This can be scheduled at your convenience. If you do not want to complete any blood work, ask your local agent about simplified issue policies. Simplified issue policies only have a few short health questions to qualify. These policies may cost a little more, but are much faster to apply and get approved for.
How much of a death benefit do I need?
This depends on why you are buying life insurance. Are you wanting to pay off a certain debt, like a mortgage or care loan? Or do you want to replace your income so your spouse can continue paying current expenses after you pass away? There are many different approaches you can take when deciding the amount of life insurance you need. Talk to a local agent to help you decide how much life insurance you may need.
What is the 'term' of my life insurance plan?
The term of your life insurance plan usually refers to the amount of time that you have a fixed monthly premium for a fixed death benefit. Most common terms of life insurance is 10 years, 20 years and 30 years, but life insurance can be purchased for much longer.
What are "living benefits?"
Living benefits are a lump sum amount of money that you have access to while your still alive. This benefit can pay out for critical illnesses like cancer, heart attacks, stroke, and major accidents. You have access to up to 90% of your death benefit with the living benefit rider. This rider can be added to any life insurance policy for an additional charge. Usually less than five dollars a month.
How do I get my policy?
After you approve your life insurance policy, the life insurance company will either electronically or physically deliver your policy with the full details of your plan of choice.
Premium Payments
Premium payments is the monthly amount you pay for your insurance plan. The initial premium, or binder payment, needs to be made before your plan starts. Be sure to watch your account to make sure the premium has been debited. Most carriers accept bank accounts, debit cards and credit cards as payment. If you need to update your account, you can log into your portal or call our office for help.
Full Summary of Benefits and Helpful Links
Official documents, such as your insurance policy or Summary of Benefits and Coverage (SBC), outline the details of your coverage, including deductibles, copayments, and covered services. Provider links, often available through your insurance company's website, offer directories of in-network healthcare professionals and facilities, helping you find the right doctors and hospitals that are covered by your plan. Utilizing these resources can empower you to make informed healthcare decisions and effectively navigate your insurance coverage.
Helpful Links
Schedule a consultation with a local health insurance agent
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