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Universal life insurance is a type of permanent life insurance that covers you for your entire life as long as you pay premiums. It’s known for its flexibility, allowing you to adjust your premium payments and death benefit amount within certain limits.
It also includes a cash value component that can grow tax-deferred and can be accessed while you are still living.
Why Universal Life offers the perfect balance of coverage and growth.
Provides permanent coverage for your entire life, unlike term life insurance. As long as premiums are paid, the policy is designed to last your entire life, ensuring a death benefit whenever you pass away.
Adapt the policy to your life. You can adjust your premium payments and death benefit amount over time as your financial needs and goals change.
Includes a guaranteed cash value that grows over time. A portion of each premium contributes to this value, which grows at a guaranteed rate and can be accessed during your lifetime.
An Indexed Universal Life (IUL) insurance is a type of permanent life insurance that includes a cash value component tied to a stock market index, like the S&P 500.
This policy provides a death benefit to beneficiaries and allows the policy’s cash value to grow based on market performance, while also including downside protection with a minimum interest rate (floor) and a cap on potential gains.
| Feature | Whole Life | IUL |
|---|---|---|
| Guaranteed Payout | Yes | Yes |
| Lifelong Protection | Yes | Yes |
| Accumulates Cash Value | Yes | Yes |
| Grows w/ Stock Market | No | Yes |
| Flexible Premiums | No | Yes |
| Dividends | Yes | No |
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