What is an IUL?
An IUL (Indexed Universal Life) account is a type of permanent life insurance policy that offers a cash value component, along with a death benefit. It also offers you a savings account that grows tax-free based on the performance of the stock market index (like the S&P 500) with downside protection.
Is an IUL better than a 401K or ROTH IRA?
An IUL Account grows tax-free and offers downside protection, which means you will never lose the money you contribute to it. While a 401K or ROTH IRA accounts may lose the money when the market goes down, an IUL account has a floor. So the value of your savings will never go down below a certain point. This is made possible because the insurance company protects you by having a maximum growth limit as well.
Additionally, with a 401K and a ROTH IRA, you are prevented from having access to your own money before 59 and a half years of age. An IUL allows you to pull out your own money, tax-free, after just 1 year of having the account.
Is an IUL a good investment ?
Not only does an IUL account provide a death benefit to your family and loved ones, it also grows tax-free. This means that when you choose to retire, you can pay yourself a yearly salary for the rest of your life.
How do I open an IUL account?
Our team of experts is happy to help! We will guide you through a simple application that asks some lifestyle and health-based questions. Some clients may have to do a physical exam for the insurance company. We also provide you with an illustration of your account growth over time, based on your preferred monthly premium. Once approved, just link your bank account. That's it!
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