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An Indexed Universal Life (IUL) is a type of permanent life insurance policy with a cash value component that grows based on the performance of a market index, such as the S&P 500. It offers permanent coverage, flexible premiums, and a tax-deferred cash value, but with caps on returns and a risk that your cash value may not grow as quickly as projected
An annuity is a contract with an insurance company where you pay a lump sum or make periodic payments in exchange for a stream of income in the future, typically during retirement. It is designed to provide financial stability and can be a source of guaranteed income for a set period or for life.
Term Life Insurance
Whole Life Insurance
Coverage Duration
For a specific period (e.g., 10, 20, or 30 years). The policy expires at the end of the term.
For your entire life, as long as premiums are paid.
Premiums
Generally lower, but they can increase significantly if you renew the policy after the term expires.
Higher, but they are fixed and guaranteed to remain the same throughout the life of the policy.
Cash Value
No cash value component.
Yes, a portion of your premium goes into a cash value account that grows tax-deferred at a fixed rate.
Investment
Considered purely for its death benefit, with no savings or investment component.
Combines a death benefit with a savings/investment component, though cash value growth is often slower than in other investment vehicles.
Complexity
Simple and easy to understand.
More complex due to the cash value and investment features.
Choose term life insurance if: You need affordable coverage for a specific period, such as until your children are financially independent or your mortgage is paid off. You want the highest possible death benefit for the lowest premium cost. You prefer to handle your investments separately in other accounts, like a 401(k) or IRA.
Choose whole life insurance if: You want permanent, lifelong coverage and the certainty that your beneficiaries will receive a death benefit regardless of when you pass away. You want to build cash value that you can borrow against, withdraw, or use to cover premiums later in life. You can afford the higher premiums and want a fixed, guaranteed rate for life.
You can begin by scheduling a FREE consultation with one of our agents. We’ll review your current financial situation, goals, and help you choose the services that best fit your needs.
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