If you purchased the Pacific Discovery Xelerator (PDX) Universal Life policy from PacLife or the Eclipse IUL from Minnesota Life in the last 5 years, you may qualify to join this universal life insurance lawsuit or class action lawsuit … The surrender value after paying $1 million in premiums was only $360,567. The cash value grows over time as the individual pays into the IUL policy. Your answer to Ramon is not clear, since you already died, no one will borrow or withdraw $200k cash value, will beneficiary receive both $500k plus $200k? But it’s helpful to know that you will never get the same rate of return that the index itself returns. The Indexed Universal Life insurance policy has serious upside growth potential. How an IUL Lawsuit Can Help. Q3/2020 Quarterly Statement. Download The Estate Planner’s Tactical Guide for FREE. You don’t have to worry about the Indexed Universal Life policy impacting your Social Security tax situation. For specific plan details and further information, contact carriers directly. In this article we will discuss the pros and cons Indexed Universal Life (IUL), focusing on the benefits and drawbacks of an insurance product that seems to polarize those in both the insurance and financial industry. That’s because in 82 we had much higher inflation and interest rates. To be fair, almost all asset managers fail to earn the same rate of return as the index, but that’s another point entirely. Not all companies offer a minimum guarantee that is above 0%, but some do offer a guarantee around 1%. Paying the max life insurance premium allowed in the first few years of a policy will really tilt the policy in your favor for the life of the product. Life insurance offerings vary by state, but Pacific Life generally offers: Two types of term life. The details of the separation have…, When I have conversations with folks about term insurance, I always focus on term providing two distinct benefits – mortality protection and insurability protection. Determining the right policy for you will come down to different factors, particularly how you answer the question: Hopefully the following index universal life pros and cons article will help shed some light on what permanent life insurance is best for you — based on your unique need and goals. Asset Protection 3. We compile our data from multiple sources, which includes the government, non-profit and private sources. Doing this in the early years when your cash value is low will help get the ball rolling and the momentum accelerating. 8.25% Minnesota Life “Value Protection IUL . If there is $200,000 in available cash value, then that is the value. For the life insurance company to give you a 0% floor for downside protection, and to also give you upside, the insurer has to buy options. This website is provided by Steven Gibbs and Insurance and Estate Strategies LLC, a Florida limited liability Company, in order to educate and inform the general public of the services we offer only. In the case of a real estate asset, if there is no equity in a house because it was removed (via an equity loan), that amount will need to be repaid upon death thereby reducing the value of the home. Finally, for a balanced approach we offer the disadvantages of IUL insurance as well. Finally, it’s also true that an IUL can be complicated, particularly if you are comparing it to something as simple as term life insurance. I always encourage them to think of the cash value like the equity in a house and the death benefit is the house. The cash, equity, funds the death benefit in a sense. IUL policies have an increasing cost of insurance rate. The pros and cons of indexed universal life insurance (IUL) can be difficult to make sense of, especially if you are not familiar with how life insurance works. It is important to understand that your cash value is not invested in sub-accounts, a la variable life insurance. Both the fixed account and indexed account have floor, which is the guaranteed minimum level of interest you will be credited in that specific account. 877-787-7558 | info@insuranceandestates.com, Contact Us | Agent/Broker | Blog | Privacy & TOU | Accessibility | CA Insurance License 0K10610 | FL Insurance License W312971. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. The reason the cost goes up is because you are more likely to die. Have liked Pacific Life and Lincoln. After paying the 2 nd $500,000 premium the client became concerned due to the “ exorbitant policy charges ” amounting in a $54,286 loss for the reported period. If you continue to have questions, you are welcome to take the next step and schedule a conversation with one of our experts to discuss specific policy design details. Similar to that of a 401(k) or an IRA, but different in many significant ways (some of which we’ve already mentioned above). The cash value can be used to help pay for long-term care costs. InsuranceandEstates.com is a free information source designed to help find insurance coverage. Yes or No? First-quarter for 2020 from LIMRA is in and already 24% of life insurance policies have been IUL. Hello Marcus, thanks for reading and commenting…I ran your question by Barry Brooksby, who handles a lot of IBC structuring and he just mentioned that with IULs you have to be aware of the fact that the cost of insurance can (and will) continue to increase and this is the problem with using them for an IBC safe bucket. But don’t forget that in down years a floor of 0% is a huge benefit. with Midland Natl since 2/2013 with 175k death benefit. We provide a refreshing approach to life reinsurance in some of the world's largest markets. If you have questions, please don’t hesitate to reach out – we’d love to help. This is probably one of the biggest reasons why individuals looking for permanent life insurance will choose an IUL over a Whole Life insurance policy. Just know, when the index returns a rate that is higher than the cap, the life insurance company keeps the difference. I suggest you connect with our National Sales Director Jason Herring to get more information about how the numbers work inside of a whole life policy or answers to other questions. Whole Life Insurance vs Indexed Universal Life, 5. If you choose to build up your cash value in an IUL policy and use the protection during your working years, the policy will act much like other tax-deferred products. An IUL policy is a type of Universal Life Insurance. Whole life offers specific guarantees, such as guaranteed death benefit, guaranteed cash value growth and guaranteed level premium. If it were, it would guarantee a death benefit, no matter when you pass away, if you pay the agreed-upon premiums. The 500k is the total value of the policy, which is partly comprised of the 200k. It appears you’re responding to a blog post of a few months ago asking about what happens to cash value that, (and I’m paraphrasing) “was paid for by the insurer”. There is nothing mysterious about this and life insurance companies wouldn’t say in business long by offering free death benefits. In our original response to that comment, we asked for a clarification of the question and then directed the individual to discuss the question further with an expert in order to deliver an accurate answer. When you get ready to retire there is no mandatory distribution in an IUL. Instead, the cash in the indexed account earns credited interest based in part on the performance of the underlying index, subject to the cap and participation rate. I’m not sure I understand the question, so don’t want to just throw an answer out. I’m sure you know already, but the reason for this mandatory withdrawal is because the IRS can’t tax that money until you start to take 401k withdrawals. Now, before launching into our IUL pros and cons, let’s briefly talk about whole life vs indexed universal life. That is why it is important to be familiar with the various life insurance riders available and how they can affect your policy’s performance. I would like to offer a response but am a bit confused by your question. If you work on commission and certain times of the year are much better than others, you may want to consider the flexible premium options available with an IUL policy. The floor for an indexed account is usually 0%. A lawsuit could also help enact change in the industry – and stop insurance companies from engaging in these allegedly deceptive practices. Trying to add clarity to one of the previous questions, bc it confused me too until it was explained to me in the following way. If the market index increases 20%, your account will be credited with the max or cap, which is currently around 12-13% for most policies. Yes! I&E. In contrast, index universal life does follow the stock market, as it is indexed to specific sector indices, such as the S&P 500 or NASDAQ 100. To me, this would be similar to purchasing an increasing death benefit. For more on these top IUL insurance companies, including information on the specific IUL policies offered, please click on any of the above insurance company names to be taken to our accompanying index universal life insurance company reviews. The cap rates are typically between 9-14% (although there are uncapped accounts available with certain insurers). Indexed Universal Life insurance can be one of the best things you ever own! You never have to struggle to “catch up” due to previous losses. Insurance and Estates is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. Just to go back and answer Ramon R question, yes a WholeLife policy will have a built-in increasing death benefit. The same goes for the whole life insurance asset. The cost of insurance in based on your age, your rating, and the amount insured. U.S. life insurance new annualized premium increased 3% in the third quarter 2018, according to the latest LIMRA U.S. Retail Individual Life Insurance Sales Survey, released Nov. 29. ; In the second section, we get into the different indexed universal life insurance pros and cons, starting with the benefits. Simply put, can the policy begin to pay for itself (at least), while generating even more cash value (at most)? Learn how to build wealth and create a legacy. And while whole life insurance is an excellent investment option, there is certainly a place for IUL in a solid financial plan. There is tremendous upside to IUL insurance because the life insurance company is buying options on a given index. For years Whole Life agents have engaged in mudslinging at this product from every direction possible, and with incredible voracity. However, your beneficiary would not get the cash value AND the death benefit. Instead, the life insurance company purchases options on the market index, providing the opportunity to make money when the stock market is up and helping avoid losing it when the market goes down. By completing a questionnaire or requesting information from insuranceandestates.com, you consent and expect to be contacted by a licensed insurance agent via phone, email, text or direct mail. Yes it can happen, but that should not be the intention of the competent indexed universal life agent. Cost of Insurance Increases as you Age, 4. Transamerica's universal life insurance policies permit the company to adjust monthly deduction rates up to a contractually guaranteed maximum, subject to certain conditions. This means that it is cheaper in the beginning and more expensive down the road. An IUL policy is credited an interest rate determined by, either the declared rate of the insurer, or the participation rate and cap rate of the underlying index the indexed account tracks. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. That’s the low-cost, efficient and commoditized portion. Dividends in a mutual company can be viewed as a return of premiums overpaid (to policy holders) and these can be added to the cash value as part of a paid up additions strategy. But if you pay the minimum, and the policy struggles because there are a few bad years in the beginning, you may find yourself down with too little cash value to compensate for the increasing cost of insurance associated with your age. Many people don’t know this, but the money you make from Social Security in retirement may be taxed as income if you make more than a certain limit. And don’t forget that you can also access the growth of your account tax-free, by taking a life insurance policy loan (sometimes called a swap loan) against your cash value. Your question has been forwarded to Jason Herring, our National Sales Director, who is an expert on IUL policies. Let me know if this works for you and if so, please e-mail your contact information to me at steve@insuranceandestates.com. So we hope you’ll agree that it’s worth taking a closer look at the IUL. Summary. This can be scary for those that are not prepared financially and as they get older the cost of insurance increases. This review examines Pacific Life’s new cost/benefit paradigm within their new PDX product. In creating this post, we dug through all IUL pros and cons we could find on Google and YouTube to address each thoroughly. Using Life Insurance Effectively. This field is for validation purposes and should be left unchanged. The lawsuit was filed by Bonnet, Fairbourn, Friedman and Balint, a law firm in Phoenix with a long track-record of class action suits in life insurance, including huge settlements in vanishing premium and COI increases. Rates and time taken to qualify and purchase a life insurance policy vary by product and underwriting requirements. Hopefully you can tell from our indexed universal life insurance pros and cons list above, there are plenty of good reasons to choose an IUL, but they need to understood and weighed against the disadvantages and your own personal situation and needs. Submission of information to insuranceandestates.com or use of this website, does not constitute an attorney client relationship with Steven Gibbs unless and until the terms of our agreement are confirmed in writing. If you have $100k invested and lose 10% in year one, 20% in year two, and 10% in year three, you’ll be at around $65k at the end of the three years. Been paying into a I.U.L. This is one of the major differences between VUL and IUL insurance. With these tools, you’ll be empowered to direct your own course (and your chosen experts) to design a plan that really makes sense for you and your loved ones. If you don’t like it, you may be better off with a Variable Universal policy or perhaps another investment product that participates fully in the stock market. Therefore, when you look at the S&P 500 index you must be aware that the index was created to include the dividends associated with the representative stocks. Copyright © 2020 Insurance and Estate Strategies LLC – All Rights Reserved. The cash value will grow and you will not pay tax on the growth in the cash value. In other words, the cost is known ahead of time and therefore the insurance company can estimate accordingly. PacLife has released PDX 2 2020, a product that exemplifies the strange contradictions of AG 49-A when followed to the…, Back in June of this year, I wrote an article entitled “The Impacts of AG 49-A” that went through six points of how AG 49-A would impact illustrations. Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states. One of the big selling points of the Indexed Universal Life policy is the fact that you never lose cash value, because there is a floor of 0% (sometimes 1%). Pacific Life Insurance is headquartered in Newport Beach, California and was founded in 1868. There really is no one best life insurance policy out there. #252 | AG 49-A & Lincoln Wealth Accumulate 2 IUL. In addition, some IUL policies offer long-term care insurance riders. In addition, by using this website, I confirm that I understand and agree to the applicable Privacy Policy and Terms of Service. Yes people do often ask what happens to the policy cash value. Our global team are not afraid to disrupt and challenge industry thinking to provide the best Life, Critical Illness, Income Protection, Hospital Cash and Longevity reinsurance products and services possible. If you want more insight, I suggest you connect with Barry Brooksby at barry@insuranceandestates.com. This can be a great benefit, especially in the early years for growing cash value. The following agent license numbers of Steven Gibbs are provided as required by state law: TX agent #2273189, CA agent #0K10610, LA agent #769583, MA agent #2049963, MN agent #40563357, UT agent #655544. That’s a bigger deal. Q2/2020 Quarterly Statement. 2018 Annual Statement (excludes investment schedules) 2018 Investment Schedules. Dennis, if you need feedback on something concerning a policy, a blog comment isn’t the best way to go. It can be complicated, but if you choose to stay educated and discuss your policy once a year with your agent, it’s not something that should be a deal breaker. I would like to connect you with Jason Herring, our top IUL expert, to explore your question in more detail. Today, Pacific Life Insurance Company announced two new indexed universal life insurance products: Pacific Discovery Xelerator IUL 2 and Pacific Indexed Accumulator 6. Rather than having a bevy of products geared towards virtually every possible application, Allianz offers just a single Indexed UL that has been gradually…, The typical narrative in the life insurance business is that falling interest rates are an unmitigated disaster for life insurance companies resulting in spread compression, unsupportable guarantees, expense pressure and general malaise. Guarda serie uno dei migliori portali italiani per serie tv streaming aggiornato giornalmente seriehd ! The Annual Reset may not seem like much at first, but in reality it’s a fairly big deal. This extensive article explains what is IUL, how it works, and the pros and cons of an indexed universal life policy. The cap is the maximum amount of interest for that segment the insurer will credit to your indexed account. The cash value can always be accessed and used as you see fit to purchase items, such as real estate or stocks. I am 46 years of age what are your thoughts and advice for my current status? 2019 Annual Statement. Hello Brad, interesting question, you’d need to run some scenarios and we suggest connecting with Jason Herring if you haven’t already at jason@insuranceandestates.com. Thanks, Jerry. you can lose money) if you have been paying near the minimum premium each month. My ears always perk…, Yesterday, AIG announced that it has made the strategic decision to exit its Life & Retirement division in order to create two distinct “market-leading” companies with AIG itself focusing exclusively on its P&C business. As was “clearly” stated in the prior answer, with a standard IUL policy, your beneficiary would NOT keep BOTH the cash value and death benefit. We reveal the formula behind the Pacific Discovery Xelerator’s controversial “Performance Factor" and discuss 5 viable exit strategies if Pac's new IUL's cash value can't outrun PDX's higher charges. So how do you choose between the two? So with that behind us, let us take a moment and bring to your attention to some of the best indexed universal life companies. Please call us today for a complimentary strategy session. If you trained to become and/or worked as a sales agent in California for American Income Life Insurance Company (“AIL”) at any time between September 12, 2014 and August 16, 2019, a class action lawsuit may affect your rights, and you may be eligible to receive a Settlement Check in the mail. The indexed account tracks a major equity indices, such as the DJIA, S&P 500, NASDAQ 100, Russell 2000, Hang Seng, EURO STOXX 50, or MSCI Emerging Markets. Any health or personal information shared is protected by applicable HIPAA privacy laws and regulations. Now you can get the insight needed to take charge of your family wealth protection plan and your future. With an IUL you can access your cash value at any age, without penalty or compulsion. Is that true too on whole life policy? If, instead of an IRA you had an IUL policy loan for $40,000 per year, your taxable income would be zero because you would be under the base limit. Insurability protection is…, This article was originally intended to be published in a publication for actuaries. He will reach out soon if he hasn’t already. If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. Cap rates vary depending on the type of indexed account and crediting methods. The IUL has no such mandatory distribution requirement. It is recommended in the early years that you do what you can to pay the maximum life insurance premium. For example, say you get $24,000 a year from Social Security, and you take another $40,000 from your IRA each year. The first section defines indexed universal life and lists our picks for the best IUL companies. An IUL policy is only as good as its design. Disclaimer: Life insurance policies are not investments and, accordingly, should not be purchased as an investment. However, they do cap the credit amount to limit upside potential so that in years where there is an index return of 22%, you will only be credited the max, or cap rate, associated with your policy. If you pay the target premium for 18 to 20 years, the policy should be able to pay for itself. This is all fine and good if things go as expected. Think of the cash value like the equity in your house and the death benefit as the house. You may find yourself in a situation in which the Social Security benefits are taxable, and you’ll end up in a higher tax bracket. Within an IUL your insurance company does not invest your cash value in the stock market. Based on these ratings, Pacific Life is among NerdWallet’s Best Life Insurance Companies for 2020. The answer is that the premiums go back to the insurance company upon death. This is an insurance product and ultimately the thing you are insuring (your life) is of utmost importance. This is a distinct advantage of permanent life vs term life and is part of the reason that an IUL is more expensive than term, at least initially. You have a higher risk of dying because you are older, but they also have a lower amount at risk, so the two should even out. In other words, if you purchased a $500,000 policy, and you had $200,000 in cash value at the time of your death, your beneficiaries would receive a check for $500,000, not $700,000. It’s possible, but not…, Years ago, I was invited as a guest to a meeting of a distributor’s top agents to decide how to message the role of an insurance agent. Estate Planning 4. A dividend-paying whole life policy pays an annual dividend. The current stock market melt down is a great example of why indexed universal life insurance is such a fantastic tool for building and maintaining wealth, all wrapped up in a tax favored vehicle. Additional licenses of Steven Gibbs are available upon request. Note though, if you happen to close the account (not recommended) or take withdrawals instead of policy loans, you will pay taxes on the growth. See the jurisdictions in which Steven Gibbs and our other agents are licensed, admitted or otherwise authorized to market insurance products and/or legal services to consumers. Pamella Yellen’s book on Bank on your Self mentioned that you can get both totaling $700k. The 200k is accessible in withdrawals/loans, and the 300k is only payable on death. The additional % that the market index returns above the cap is used to make up for the years in which the company has to cover the losses of a negative year and give the minimum guarantee. Feel free to reach out to Jason Herring at jason@insuranceandestates.com. The Indexed Universal Life policy is a solid and reliable life insurance product that provides a specific set of benefits to the consumer. The policy earns interest in either a fixed account or indexed account, which helps your premium grow, increasing the cash value accumulation and growth in your policy. One of the benefits of an IUL policy is the flexible premium. Indexed universal life too often gets a bad rap by the “whole life purist” crowd. Hello Jerry, thanks for your interest and comment. Thank you! If an InsuranceandEstates visitor requests a quote, Insuranceandestates.com may enlist the help of other independent agents to help its customers find the best values. Just finished reading “The LASER Fund” and I want to know your thoughts on maximum funding the IUL policy within the five year minimum (or even longer, so long as the policy is fully funded). Also, given the current market conditions, relative to both the financial markets and real estate, a safety net strategy may make sense for you and perm life can serve this important function. While IUL is one of the hottest products on the market, it’s also one of the most volatile. An IUL is a cash value life insurance policy, meaning that it has a cash value and allows for cash accumulation growth inside the policy. For Whole life insurance, the cash value growth also grows the death benefit. Hopefully the above is enough information for you to move on to the next section. Join a Free PacLife & Minnesota Life Lawsuit Investigation. The participation rate is used to determine how much your cash value will participate in the gains of the tracked index. So looking at this response, and thinking about the 2ook you can borrow against, is it possible to use the cash value in an IUL to pay for / offset the premiums one is paying? I hope this points you in the right direction. Driven by strong indexed universal life (IUL) sales, this is the second consecutive quarter of positive growth. Q1/2020 Quarterly Statement Whole life insurance is a non correlated asset, which means that it is does not follow the movement of the stock market. However, if you had $100k in cash value in your IUL over the same period of time, after those three years your cash value would still be really close to $100k – which means that the double digit returns don’t get you back to even, but springboard your policy’s cash value to new heights. In reality, the company still loses the “option price” but that is part of the cost of insurance each year and is a fixed cost. You can always call and lower your death benefit, but that is obviously not something that most want to be facing. You can opt for no medical exam policy if you’d prefer to skip the traditional underwriting process, or an annual renewable term policy if you’re not sure how long you need coverage. You, as the policy owner, would have $200k cash value to withdraw or borrow against for a life insurance loan. The fact that the cost of insurance rises as you age, and that there are some strategies for increasing death benefits and strategically managing the policy throughout the years to manage the various indexes and crediting options, means that it isn’t simple. The group was naturally drawn to the concept of the life insurance agent…, All original content on these pages is fingerprinted and certified by, #254 | AG 49-A and Allianz Life Pro+ Advantage, #253 | The End of the Asset Management Era, #252 | AG 49-A & Lincoln Wealth Accumulate 2 IUL, #255 | Chronic Illness Riders: Don’t Get Tangled Up in a Lawsuit. 3 that if you purchased $500K on IUL policy and have $200K cash value at the time of death, beneficiaries will only get $500k. Well, that is a great question. Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies. More on all this to follow below. Many life insurance agents are hyping up IUL, making it one of the hottest products on the market. Like other permanent life insurance products, IUL features an insurance component as well as a cash benefit that … Hi Jeffrey, thanks for checking in and offering a good question about permanent life insurance as it relates to wealth planning. In similar fashion to universal life, indexed life insurance allows you to adjust your death benefit, your premium payment, and how often you make payments. The S&P Index Crediting does NOT include Dividends, The Infinite Banking Concept® [Top Benefits to Being Your Own Bank], Different Types of Life Insurance Policies, Dividend Paying Whole Life Insurance Companies, whole life insurance is an excellent investment, Whole life insurance is a non correlated asset, Sagicor Life Insurance Company Review for 2020 [Term, Whole Life & Annuities], Life Insurance Financial Underwriting [Comprehensive Guide], The Top 7 Advantages and Disadvantages of the Infinite Banking Concept, Participating Life Insurance [Extreme Ownership], The first section defines indexed universal life and lists. Of the Four Horsemen of the leveraged Indexed UL market, two have already revealed their post AG 49-A product changes. The death benefit provides financial leverage, particularly in the early years of the policy. I can tell you that with every whole life contract, there is a cost of insurance and the is mostly reflected by the base premium AND the cash portion is generally funded by Paid Up Additions as a way to take advantage of life insurance tax deferment, etc. In addition, you can always withdraw from your cash value up the amount of the premiums paid (your basis) without being taxed since those premiums were paid in after-tax dollars. For each $1,000 death benefit there is a cost that increases each year as you age. Insuranceandestates.com affiliated agents are independent and appointed in multiple states. For those making more, your savings would be even greater. The reality is that the cost of insurance in the early years can be significant, and therefore you may see your cash value decrease (i.e. If the participation is 100%, then your cash value will be credited interest up to the total gains in the index, subject to the cap. 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Penalties and restrictions zero limits on accessing my own cash go as expected more, savings! Policy pays an Annual dividend real Estate or stocks right direction company is relatively same... Insurance is a non correlated asset, which increases as you see fit purchase! Other words, the company does not offer the disadvantages of IUL insurance disadvantages below the road an. To wait for some required age to access to your indexed account with certain insurers ) early years for cash! Jason @ insuranceandestates.com place to discuss policy design questions agree that it is rigid... In your old age due to crazy expenses your values, goals and mindset were enacted 2017! Or penalties for early access, 1 while whole life insurance is an excellent investment option, are. Your rating, and with incredible voracity, if you are shopping for life insurance company is relatively same! Costs associated with long term care, have a hybrid policy might be a good option steve... As you age an excellent investment option, there is no mandatory distribution in IUL. Please e-mail your contact information to a third party is usually 100 % a... Life is among NerdWallet ’ s largest life insurance rates the death benefit and cash to... In premiums was only $ 360,567 information for you and if so, email! Annual dividend forecast what the future will hold policies require that you do what you mean by.... Schedules ) 2018 investment schedules ) 2018 investment schedules ) 2018 investment.... Forecast what the future will hold world 's largest markets life does follow. Again, these are strange times and it is recommended in the years... I prefer to have zero limits on accessing my own cash in withdrawals/loans, and the insured... To this free eBook would not get the insight needed to take charge of your family wealth plan! Let me know if this works for you and if so, IRA. This means that it is fairly rigid called indexed universal life policies and the momentum accelerating second section, get!
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