The landscape of the Life Insurance Industry is changing more rapidly than ever, leaving many producers to play perpetual catch-up when it comes to the latest products and guidelines.
Many are quick to dismiss newer products such as Hybrid Term-UL or Equity Indexed Universal Life citing that they are too complex and have too many moving parts, or that they won’t stand the test of time.
When gauging the relevance of a new product or new enhancement, one can look at whether or not some of the largest, oldest insurance carriers are making these new products available in their product portfolio.
Equity Indexed UL Products
These products have a multitude of uses and ways to benefit the client and sales of IUL are growing considerably each year. According to LIMRA, sales of Index UL Insurance have grown 192% over the years, which represents an average of 38% growth each year.
These IUL sales will be used to provide supplemental retirement income, help pay for a loved one’s secondary education expenses, provide affordable death benefit protection with cash value accumulation potential or even act as a 401K alternative with no downside market risk.
If you have not sold Indexed UL or have not taken the time to learn how these products work, you should contact us to familiarize yourself with the various carrier product offerings.
We have contracts with several A-Rated Carriers who have an IUL product (some with Guaranteed DB and others without) for sale.
It’s clear that producers and clients alike are warming up to the IUL product and sales continue to trend upward. As a producer it is important for you to be knowledgeable of any products available and be able to make recommendations as to when these products are suitable.
We can help you better understand IUL, its uses and it’s best selling points. The next time you have a client who is looking for something more than Term or basic GUL, you may want to consider an IUL product alternative.
Call us today for product information or case design for any of your clients.