IUL Life Insurance Explained: Pros, Cons, and Pitfalls
Warren Team
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Key terms
- Life InsuranceInsurance that pays a death benefit to beneficiaries when the insured person dies. Types include term life (temporary coverage) and permanent life (lifetime coverage with cash value).
- Term Life InsuranceLife insurance that provides coverage for a specific period (term), typically 10, 20, or 30 years. More affordable than whole life insurance but has no cash value.
- Whole Life InsurancePermanent life insurance providing lifetime coverage with a cash value component that grows over time. More expensive than term life but builds savings and offers guaranteed death benefit.
- Disability InsuranceInsurance that provides income replacement if you become unable to work due to illness or injury. Can be short-term (3-6 months) or long-term (until retirement age).
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