Life Insurance:

What Is Indexed Universal Life Insurance?

What Is Indexed Universal Life Insurance?

What is IUL coverage? Indexed universal life (or IUL) insurance offers a death benefit, as do all types of life insurance. An IUL policy also, however, can be used as a source of income for you while you are still alive. An IUL can generate a reasonable rate of return** over time while also helping you earn tax-free retirement income. In addition, beneficiaries receive their payout from the IUL without going through probate court.

Living Benefits of IULs

What is IUL insurance, and how can it help you? In addition to providing a death benefit, IULs can assist retirees in a variety of ways. For starters, an Indexed Universal Life insurance policy provides more flexibility than other types of financial instruments. Remember that an IUL is an insurance product. As a result, tax laws differ from those governing traditional retirement plan accounts, such as 401(k) or IRA accounts. IULs have no contribution limits, and, unlike certain retirement options, IULs have no required minimum distributions (RMDs) or penalties for taking money before age 59 1/2.

Let's Talk About Your Legacy

Of course, IULs offer policyholders a way to secure their legacy. For example, the money left for your beneficiaries is usually substantially more than you initially contributed to the policy. Additionally, the death benefit amount may increase over time. As a life insurance policy benefit, your loved ones can access your money without going through probate. Furthermore, the income your family receives from your IUL is tax-free.

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*Proceeds from an insurance policy are generally income-tax-free, and if properly structured, may also be free from estate tax. Income-tax-free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. Loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit, or cause the policy to lapse. This assumes the policy qualifies as life insurance and is not a modified endowment contract. The Host and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. This content is not intended to serve as the basis for any investment or purchasing decisions, nor does it recommend or involve the purchase, holding, or sale of a security. All figures herein are hypothetical and for illustrative purposes only to explain general concepts. No figure is to be relied upon as being accurate nor a guarantee or projection and is meant only as a partial overview of some relevant features and benefits of general insurance products that may be in the marketplace, and whose availability will be dependent on the State of residence of the consumer, and their individual suitability for the product they are wanting to purchase. Where insurance products are mentioned, any and all guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

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Steven J. Katz, an Investment Advisory Representative (IAR), offers advisory services through Gibbs Wealth Management, an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Evergreen Team Insurance and Gibbs Wealth Management are independent of each other. Insurance products and services are not offered through GWM but are offered and sold independently by Evergreen Team Insurance, License #0K95213, and Steven J. Katz, License #0F80752.

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