FAQ

Frequently Asked Questions

How does an IUL policy differ from other types of life insurance?

Unlike traditional life insurance, an IUL policy offers the potential for cash value growth linked to market performance.

Can I adjust my premium payments over time?

Yes, IUL policies typically offer flexibility in premium payments, allowing you to adjust the amount based on your changing financial situation.

How is the cash value growth in an IUL policy determined?

The cash value growth is tied to the performance of an index, such as the S&P 500. Positive index returns can contribute to the growth of your cash value.

Can I access the cash value in my policy?

Yes, IUL policies often allow you to access the accumulated cash value through loans or withdrawals, providing financial flexibility when needed.

Are the death benefits tax-free?

In general, the death benefits received by your beneficiaries are usually tax-free, providing them with a tax-efficient financial resource.

What happens if the market performs poorly?

While the cash value growth is linked to the market, IUL policies often include features that protect your cash value from market downturns.

Can I use the cash value for retirement income?

Yes, the accumulated cash value in an IUL policy can be utilized to supplement your retirement income, offering additional financial security.

Are there any limitations on using the cash value?

Some IUL policies may have specific guidelines and restrictions on accessing the cash value, so it’s important to review the policy details.

How long does an IUL policy last?

IUL policies are typically designed to provide coverage for your entire lifetime, as long as the required premiums are paid.

Can I convert an existing life insurance policy into an IUL policy?

In many cases, it is possible to convert certain types of life insurance policies into an IUL policy. It’s best to consult with an insurance professional to explore this option.

Please note that these answers are general and may vary depending on the specific terms and conditions of the IUL policy. It’s always recommended to consult with an insurance professional for personalized information and advice.

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