Results for tag: "Individual Universal Life"

Individual Universal Life (IUL) is a type of life insurance policy that provides permanent coverage with flexible premiums and death benefits. It is designed to provide policyholders with the ability to adjust their coverage and premiums to meet their changing needs. IUL policies also offer the potential for cash value accumulation, which can be used to supplement retirement income or to help cover policy premiums. IUL policies are typically more expensive than term life insurance policies, but they offer more flexibility and the potential for cash value accumulation. They are also more tax-efficient than other types of life insurance policies, as the cash value accumulations are not subject to taxation until they are withdrawn. IUL policies are often used as an estate planning tool, as the death benefit can be used to cover estate taxes and other expenses. They can also be used to provide financial security for a policyholder's family in the event of their death. Some of the companies in the Individual Universal Life market include Prudential, MetLife, Northwestern Mutual, New York Life, and Transamerica. Show Less Read more