Let’s get clear on some IUL terminology: increasing versus level death benefit.
Level Death Benefit: When you pay premiums into an Indexed Universal Life (IUL) insurance policy, the death benefit remains constant. For simplicity, let’s say it’s a million dollars. Whether you’re paying $500 a month, $1,000 a month, or $100,000 a year, if you happen to die, the death benefit is still the original million dollars. If you accumulate cash value in the policy, it is not added on top of the death benefit.
Increasing Death Benefit: If you have $500,000 of cash value in a million-dollar policy, they only charge you for the remaining $500,000 of risk. The cash value is added to the death benefit, increasing the total payout.
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