IUL insurance is a type of permanent life insurance that offers a death benefit along with a cash value component. Unlike traditional universal life policies, an IUL allows you to earn interest based on the performance of a stock market index, such as the S&P 500, while protecting your cash value from market losses.
Your IUL policy’s cash value grows through interest credited based on the performance of a market index. However, the policy includes a floor (typically 0% or 1%) that protects your cash value from negative market returns. Many policies also have a cap, which limits the maximum interest you can earn.
Whole life insurance is a type of permanent life insurance that provides lifelong coverage and a guaranteed death benefit. It also includes a cash value component that grows at a fixed rate over time.
You pay fixed premiums, and a portion of those payments goes toward building cash value. This cash value earns interest over time and can be accessed through loans or withdrawals while you're alive. The policy remains in effect as long as premiums are paid.
Term life insurance is a simple and affordable life insurance policy that provides coverage for a set period (e.g., 10, 20, or 30 years). If the policyholder passes away during the term, their beneficiaries receive a tax-free death benefit.
You choose a coverage amount and a term length. If you pass away within that term, your beneficiaries receive the payout. If the term ends and you’re still alive, the policy expires unless you renew or convert it to a permanent policy.
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