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Life Insurance tends to be confined to a nest egg for your loves ones, but certain policies allow you to build wealth for yourself.
Index universal life insurance is one of those policies, allowing you to have a reliable source of additional income as the years go by as well as a tax-free death benefit.
Index universal life insurance is a type of permanent life insurance. It’s yours forever as long as you pay your premiums. It includes a death benefit, which is a large lump sum of funds disbursed to your loved ones after you pass away. It also features a cash value component. A portion of your premiums are allocated to a savings account which grows in cash value.
Index universal life insurance is distinct for how funds accrue in the savings account. You’ll be able to choose a stock market index (such as the S&P 500) in which you want your funds to track, and your account will grow in accordance with that index’s performance.
Index universal life insurance has greater growth potential than a standard whole life insurance policy. When your index performs well, your account will grow based on a percentage of that growth. Unlike directly investing into the market, you’ll be protected from losses, as many policies offer a minimum guaranteed rate of return.
A major benefit of index universal life insurance is its tax deferred growth and tax exempt distributions. You won’t have to worry about capital gains, and there are no withdrawal penalty fees as what you would have with a standard retirement account such as a 401(k). It also doesn’t affect your Social Security benefits, as it does not count toward your income.
Another defining feature of index universal life insurance is its flexibility. You are able to adjust the death benefit amount as needed to ensure your loved ones will get the appropriate death benefit amount. Like your cash value, the death benefit is tax-free and your loved ones will be able to use it for any purpose. It can help with daily expenses, debts, or even vacations.
Generations Insurance Solutions LLC is your best solution for finding index universal life insurance. I have won awards for a reason – the policies I will get you will be top-notch and more affordable than anything else you’ll find on the market. When looking for an insurance provider, you can’t go wrong with one who settles for nothing less than excellence. Learn more by requesting a free review today on my calendar.
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