Get Your IUL Quote
Get Your IUL Quote

Frequently Asked Questions

General Questions

What is Indexed Universal Life Insurance?

It's permanent life insurance that combines a death benefit with a cash value account that grows based on a market index's performance — without your money being directly invested in the market.

How is IUL different from term life insurance?

Term life only pays a death benefit for a fixed period and builds no cash value. IUL is permanent coverage that also accumulates cash value you can access while you're alive.

Is IUL right for truckers?

It's a strong fit if you want coverage that isn't tied to an employer, need flexible premiums for irregular income, and want a living benefit you can tap if illness takes you off the road.

Accessing Your Cash Value

Can I access my cash value while I'm alive?
Yes — through policy loans or withdrawals, and through living benefit riders if you're diagnosed with a qualifying illness.
Are loans from my policy taxable?
Loans against your cash value are generally not taxed as income, as long as the policy stays in force. If the policy lapses with an outstanding loan, tax consequences can apply.
Can I use my cash value for retirement income?
Yes. Many policyholders use policy loans as a source of supplemental, generally tax-free retirement income.
What happens if I take a loan and don't repay it?
Unpaid loans plus interest reduce your death benefit and available cash value. If the loan balance grows larger than your cash value, the policy can lapse.

Portability & Flexibility

Does my policy move with me if I change jobs or go independent?
Yes. Your policy is owned by you, not your employer or motor carrier, so it stays fully in force regardless of who you drive for.
What if I become disabled or can't work?
Depending on your riders, you may be able to access living benefits, and some policies include waiver-of-premium features during a qualifying disability — ask your agent which riders apply to your policy.
Can I change my coverage amount later?
Many policies allow adjustments to your death benefit over time, subject to underwriting and policy terms.

Getting Started

How do I get started?
Request a quote, and a licensed insurance professional will walk you through options based on your age, health, and income.
Do I need a medical exam?
It depends on the carrier, your age, and the coverage amount — some policies qualify for simplified or accelerated underwriting with no exam.
How long does approval take?
Simplified-issue policies can be approved in days; fully underwritten policies with a medical exam typically take a few weeks.
Can I get a quote without committing to anything?
Yes. Requesting a quote is free and doesn't obligate you to purchase a policy.

Cash Value & Growth

How does cash value grow in an IUL policy?
It's credited based on the performance of a market index, subject to a cap (maximum credited rate) and a floor (minimum guaranteed rate, often 0%).
What is a cap rate and a floor rate?
The cap is the most your cash value can be credited in a given period, even if the index performs better. The floor is the least it can be credited, protecting you from index losses.
Can I lose money in an IUL policy?
Your cash value is protected from index losses by the floor rate, but fees, cost of insurance, and loan interest can still reduce your cash value over time.
How fast does cash value build?
It's gradual, especially in the early years, since a larger share of early premiums goes toward insurance costs and fees before cash value accumulation accelerates.

Premiums & Costs

How much does an IUL policy cost?
Cost depends on your age, health, coverage amount, and any riders you select — younger, healthier applicants generally pay less.
Can I adjust my premium payments?
Yes, within limits set by your policy — useful for months when freight income is lower.
What happens if I can't pay my premium?
If there's enough cash value built up, it can cover the cost of insurance temporarily. Without sufficient cash value, the policy risks lapsing.
Are there fees with IUL policies?
Yes — including cost of insurance, administrative fees, and potential rider charges. Your agent can walk you through the specific fee structure for your policy.