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How to Open an IUL Account​

IULs are one of the best little known financial secrets on the market.  Where else can you find a financial product with as much potential upside plus protection from market loss, a guaranteed death benefit, and tax-free assets?  I can't think of a better recipe for a retirement portfolio.

IUL is an acronym for Indexed Universal Life.  An IUL policy (or IUL account) is often used to save for retirement, but it can be used for anything really.  The concept is simple.  You apply for an IUL insurance policy.  The insurance company evaluates your health by requesting your official medical report, possibly scheduling a medical exam, or simply interviewing you by phone.  The insurance company will consider your age, height, weight, habits, and hobbies. For example, they will ask if you use tobacco or practice a lot of extreme sports. Then, they determine based on your health and risk factors whether or not you qualify for an IUL life insurance policy.

One of the first things that you must decide is how much you can comfortably afford to contribute to your policy every month.  The person that has the best answer to that question is you.  We would recommend that you save at least 12-20% or more of your income for a comfortable retirement.  You are never too young to begin saving for your retirement.  In fact, the earlier you start the better. 

For example, I created a policy for a 5-year-old; projecting at only $200 per month, that child could retire at 62 years old and receive over $100,000 per year for the next 40 years, creating almost $4.3 million in retirement income from just a $132,000 total lifetime contribution.  I know I personally waste over $200 per month on fast food.  I wish my parents had started an IUL account for me when I was 5 years old ... now I know why "they say" knowledge is power. This truly is how generational wealth is created.  

To open an IUL account, you must be located in the U.S.A. and either have a Social Security number, ITIN tax ID number, or W8-BEN, and a government-issued ID.  The younger and healthier you are the better.

If you have not seen a doctor in over a year, the insurance company may insist on a full medical exam.  If a full medical exam is required, the insurance company will pay for it.  They just want to ensure that you are reasonably healthy.


If the whole process is done over the phone, the insurance company will most likely want a current photo of your ID.

Most insurance companies will require you to set up auto-draft from your bank account.  Some insurance companies will absolutely not accept credit cards or checks.  So you will most likely need to provide a bank account and routing number for your premium payments to draw from. 

The only remaining thing left you'll need to open an IUL account is a licensed insurance agent to procure your documents and submit them to the insurance company.  This is where we at are here to service you.  We work with multiple insurance companies to find the best policy for you.  In today's post-Covid world, most life insurance transactions are done remotely.  You will likely never be asked to come visit an office and many insurance agents don't even maintain an office for the public anymore. 

Also, the agents with are not captive agents that work with only one insurance company and thus only push their products.  We work independently for our clients and we have the advantage of offering a plethora of products to choose from among multiple insurance companies. 

The process to get started is simple. We need to know six things:

1. Your first and last name.

2. What state do you live in?

3. How old are you?

4. How is your health?

5. Do you use tobacco?

6. How much money do you want to contribute to your policy every month?

When deciding how much money you want to contribute to your policy, we can show you the projected growth with multiple figures.  So if you want to see what the growth might be at 10% or at 20% of your income, we can make multiple illustrations.  So, if you make $60,000 a year, we could show you what your projections would be at 10% ($6000 a year or $500 a month) or what your projections would be at 20% ($12,000 a year or $1000 a month), or any other amount you decide, even only $100 a month. It's your personal choice, so initially you should provide at least one amount which we can use to create an illustration for you.  We believe that saving something is better than saving nothing, and most Americans feel under-prepared when entering retirement ... so you just need to get started!

You can use the chatbot on this website to schedule your appointment with us today.  Also, please feel free to review our blog to research more IUL topics.  Or call us now to get started opening your IUL account today!

844.711.1130 ext. 1 for english

844.711.1130 ext. 3 para español


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