Indexed Universal Life (IUL)

Life insurance is a crucial financial tool, especially for families with dependents, ensuring loved ones are protected in the event of an untimely loss. While traditionally seen as a concern for older individuals, more young families are recognizing its importance, particularly after having children. There are two primary types: term insurance, which provides temporary coverage at a lower cost but without cash value, and permanent insurance, which builds equity over time and offers financial benefits beyond the death payout. Permanent policies can serve as a financial resource for emergencies, retirement, or education funding, while also providing chronic illness coverage and payment flexibility.

Beyond protection, life insurance plays a role in financial planning, offering tax advantages, asset protection, and a means to secure generational wealth. Policies can be tailored based on individual needs, balancing short-term affordability with long-term security. Given the complexity of options, working with a knowledgeable advisor helps in selecting the right coverage without overcommitting financially. People’s approach to life insurance varies—some prioritize leaving a legacy, while others focus on personal benefits—making it essential to align coverage with financial goals and risk tolerance.