Indexed universal life insurance, or IUL, is a type of universal life insurance. Rather than growing based on a fixed interest rate, it’s tied to the performance of a market index, like the S&P 500.
One of the most attractive features of an IUL is the ability to take advantage of stock market returns without the risk of loss. And it does so while building up a death benefit that your beneficiaries will receive tax-free.
Other benefits of indexed universal life insurance include:
⭐Unlimited contributions: Traditional retirement avenues have contribution limits, but IULs don’t.
⭐Tax-free growth and distributions: You don’t have to pay taxes on the money you eventually draw from the cash value of the IUL. It’s similar to a Roth IRA in this respect.
⭐Use at any time: With regular retirement programs, you have to wait until you hit the 59.5 minimum age for distribution before you can start taking money out. With an IUL, there is no age requirement.
⭐Death benefit: A tax-free death benefit is distributed to your beneficiaries, which means it won’t face income or death taxes.
⭐Loan availability: Depending on your policy and available cash, you can borrow money from your IUL without facing penalties, taxes or a credit check. You also do not have to pay back the money you take out.
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