What is your opinion of an IUL - Indexed Universal Life Insurance?
Answers | 3
My situation is this: I had enough life insurance for practical death benefit reasons when I bought the IUL for myself, so that tells you that I was not trying to improve my death benefit. I was trying to improve my cash accumulation, and it is nice that there is a death benefit to go with it. Second, I wanted a "no loss" kind of investment, and the indexing feature has that advantage. I wanted to have a cash pile that I could borrow from if I wanted to, and that is how it works. So now - and this is a super brief set of items that fits my situation - I now have about a 9% interest rate on the policy and the cash is growing. If I live I get to use that cash, and if I die, my wife gets to use THAT cash.
The moving parts: yes, there are quite a few, but you drive every day and there are quite a few moving parts in your car, too. Get to know the moving parts in IUL and that way you will know what's behind the dashboard. Want more info in a non-pressurized dialogue? Send a message through my profile and we can kick the topic around until you have a better sense of the product. Hope that helps!
Unfortunately, our company believes that only about 15%-20% of the entire American population should ever really consider one. It's just that difficult to qualify.