Buying life insurance surely rises to the top when you make a list of things you can do to help protect your family’s future. The reason is simple: Buying life insurance helps you financially support the people you love after you’re gone. That support can help make up for the loss of income, and can allow your family to continue to live the lifestyle they’re familiar with — exactly what you’re looking for. But what if life insurance could do that, plus help you prepare for retirement? That’s where indexed universal life insurance (IUL) comes in.
There are several types of insurance, all designed to provide a death benefit. Some, like indexed universal life, provide additional features.
Many people are familiar with term life insurance, which provides coverage for a specific range of time, such as 10, 20 or 30 years. And there’s whole life, which provides permanent coverage while building cash value. Meanwhile, indexed universal life is similar to whole life and may offer more flexibility and opportunity for growth.
Like a whole life policy, it’s permanent coverage, and part of your indexed universal life premium can pay the cost of insurance and any expenses related to the certificate — while the rest can be used to accumulate cash value. However, there is a key difference many consumers want: flexibility and the opportunity for potentially greater cash value growth linked to an index.
Indexed universal life’s flexibility lets you determine how you pay your premiums, whether in a lump sum or regular monthly payments. You can even adjust those payments up or down as the need arises1.
If indexed universal life seems to fit your needs, then look at WoodmenLife’s My Choice IUL. This product provides your beneficiaries with a death benefit, and you have the potential to build cash value over time.
Families want financial protection, no matter where they are in life. The powerful combination of insurance and retirement planning helps address this basic concern. My Choice IUL could be a great fit for you at any stage of life.
Whether you’re beginning a career or a family, you have the ability to take on risk and the potential to grow your funds at a higher rate. This provides long-term potential for cash value growth. You also may qualify for lower life insurance premiums, as life insurance tends to be less expensive at a younger age.
If you see retirement on the horizon, you want to ensure your family is protected. But you still want to be able to build potential cash value that could be used to supplement your retirement or accessed when you need it2. You will also have the flexibility to change allocations between the fixed and indexed accounts3 to help meet your retirement goals, or you can take advantage of flexible premium payments, as your income changes.
If you’re in retirement or almost there, you have the ability to set aside money without paying taxes until you make a withdrawal4. You also may have the chance to grow your cash value faster than with another financial product and ensure your beneficiaries receive the death benefit5 without probate delays.
With My Choice IUL®, you also have the potential to grow your cash value in two ways:
Visit WoodmenLife.org/MyChoice to find out more about My Choice IUL.
We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.Learn More About WoodmenLife