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Term Life
A term life insurance policy is a type of life insurance that provides coverage for a set period of time, usually between 10 and 30 years. During this time, the policyholder pays a fixed premium, and if they die, the policy's death benefit is paid to their beneficiaries. Term life insurance policies typically last 10–30 years, but can be shorter or longer.
Whole Life
Whole life insurance, also known as permanent life insurance, is a type of life insurance policy that lasts for the duration of the insured's life. It provides a guaranteed death benefit to the insured's beneficiaries and also includes an investment component.
Death Benefit
A guaranteed payout to the beneficiaries when the insured dies.
Cash Value
An investment account that builds value over time and can be accessed by the policyholder during their lifetime
Index Universal Life
Indexed universal life (IUL) insurance is a type of permanent life insurance policy that combines a death benefit with a cash value component that can grow based on a stock market index:
Cash value
IUL policies have a cash value account that earns interest based on a stock market index chosen by the insurer. The index could be the S&P 500 or the NASDAQ Composite.
Policyholder input
IUL policies give policyholders more control over how their cash value grows than some traditional life insurance plans. Policyholders can choose how much to invest in the index account and in a standard, tax-deferred cash-value account.
Interest rate
The interest rate earned on funds in the index account is tied to the index and not fixed. IUL policies often include an interest rate guarantee.