What is Index Universal Life Insurance (Becoming Your Own Bank)?Index Universal Life Insurance is a permanent Life Insurance that is made up of 3 major parts.
Additionally, it allows for flexible premium payments and the modification of the death benefit. People who want both life insurance protection and the possibility of growing their financial worth frequently choose it. With IUL, you can potentially access tax-free income, opportunity for growth, protection for your funds, a legacy for your heirs, and additional funds for the medical costs of aging. This powerful package may help meet your retirement goals. *Indexed Universal Life in underwritten and issued according to the insured’s health and age. Indexed Universal Life is a flexible premium adjustable life insurance product where a portion (or all) of the interest credited is measured against an outside index. There are no set premium payments required, but regular deductions from cash value are required to pay the policy’s mortality cost and expenses, which will typically increase as the insured gets older. As long as there is cash value to pay the next deductions for mortality and expenses, the policy will continue. The guarantees of life insurance policies rely on the financial strength and claims-paying ability of the issuing insurer. Funds accessed through policy loans are generally received by the policy holder as income tax-free as well, so long as certain standards are met. Loan which are not repaid will reduce the death benefit amount and available cash value. POWER OF INDEXING FUNDS in an IUL policy grow through indexing, an interest-crediting method that enables policy holders to have interest credited based on a portion of the rise of a stock market index, while protecting the funds if there is a drop in the index’s value. Through indexing, your cash value has the opportunity for growth and, after interest is credited, is protected from losing value when the stock market index drops. LEGACY FOR YOUR HEIRS Like all life insurance, IUL provides a death benefit for your heirs, above and beyond the cash value of your policy. The death benefit is delivered generally tax-free,** so your heirs get the full value of your legacy. Many IUL products include living benefits, which allow a policy holder to access a portion of the death benefit while living when certain medical requirements are met. This can be a valuable benefit, as today’s Baby Boomers are projected to spend hundreds of thousands of dollars on medical expenses in retirement. ACCESS TO FUNDS WITH NO MARKET-VALUE ADJUSTMENT with IUL, your cash value is available to you without adjustment based on the outside market. Because many indexing strategies have a floor of 0% interest credited, when the stock market index is down, your credited policy cash value will not lose value due to the market.++ Whenever you need to access your funds, you can do so at full value. Contact us to learn more about the right index universal life insurance for you. |
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