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How to Open an Indexed Universal Life Policy

Updated: Jul 13

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How to Open an Indexed Universal Life Policy? To seek immediate help opening an IUL policy, use the chatbot in the lower left corner of the website or call us at 844.711.1130 ext 1 for English.

I will describe the process for how to open an IUL account here below.

The first thing you should know is you must work with a licensed Life Insurance Agent. Insurance companies do not work directly with individual civilians. [If you visit one of their websites and ask to connect with an agent, they simply sell your contact information to several Agents like me for usually somewhere between $50-$100 each.] You do not need to be a US citizen, or a permanent resident. But you do need to live in the United States generally at least 4 months out of the year. You also need to have either a social security number, or an itin (tax ID) number. Please have at least a valid Social Security number or an itin number.

You need to have some type of government issued photo ID; 1) Usually a passport (it does not need to be a US passport), or 2) a US Driver’s license, or 3) a US State ID. If you have at least one of these three photo identification documents, you are good. Your Life Insurance Agent will need to submit photos of these documents along with your application.

Next, you must decide how much money you can comfortably afford to contribute to your IUL account. We recommend that you save between 12 to 20 percent or your annual income every year. So for example if you make $45,000/year. You should plan to save a minimum of 12 percent every year. So 12 percent of $45,000 is $5400 a year. $5400 divided by 12 months is a $450 contribution every month.

Now we understand you may not be able to save as much as you should every month, however saving something is always better than saving nothing. The earlier in life you start, the easier it is.

Your Life Insurance Agent will ask you about your personal history and medical history. There are lifestyle questions like do you skydive, or smoke tobacco, or have any DUI’s. Do you take any medications, and have you had any major surgeries recently? All these questions are for the insurance company to assess your risk. While there are very few deal breakers, some types of criminal felonies or health conditions could prevent you from being approved. The insurance company may even check your official motor vehicle report, medical record, and even your consumer credit report to help make their decision.

You will also need a bank account so the insurance company can automatically draft your bank account to collect the monthly premium. Also if you ever want to borrow money from your insurance policy, the insurance company will generally do a direct deposit of the loan amount into your bank account within 5-10 business days (this is a generalization, every insurance company timeline is different).

Your Life Insurance Agent will also need to know who your beneficiaries are. After the Agent collects all of this information, they may send your application to one, or multiple insurance companies to see which insurance company will issue you an IUL policy. Sometimes insurance companies may request additional information after your application has been reviewed. Insurance companies may even require you to undergo a medical exam. If they require a medical examination, the Insurance Company will pay for the costs. A lot of times no medical exams are required.

Your policy generally begins on the date of your first payment. At that point, Congratulations! You now have an IUL account! Most insurance companies provide online access for you to access your IUL account, and/or they send statements to you in the mail.

Let me take this moment to tell you that my team would love to work with you to open your IUL account. My firm keeps it simple. You can use my chatbot below, fill out my contact form, or even call us at 844.711.1130 ext. 1, or email We are a multilingual office.

When you contact me, I will follow up with a few questions about you so we can create an illustration for you quickly. As an Independent Insurance Producer, my office works with many Insurance Companies (such as Fidelity, Mutual of Omaha, National Life Group and more), to choose which of our A-rated Insurance Companies will have the best policy for you.

Please feel free to contact me anytime, 7 days a week, 24 hours a day. If you fill out my contact form, be sure to write your correct phone number. Or call me, if I don't answer leave a voicemail and I promise I'll call you back.

Let my team help you with one of the most important decisions of your life. Thank you very much, and tell your friends and family about Many people need this information and will appreciate it if you share it with them!

For your peace of mind, feel free to view my license below.

To verify my license, visit the State of California Department of Insurance (my resident state) website at this link: California State Department of Insurance website. [I can work in all 50 states plus Puerto Rico, and the District of Columbia.]

Next, enter my CA license number by entering 4181215 in the box and click "SEARCH" and you will see my ACTIVE license to help you with your IUL. So you can have 100% confidence in working with my company.

You may use the chat bot or call 844.711.1130 ext 1 (for English), and one of our licensed professionals will find you the best policy with one of our A-rated carriers.

Thank you so much again for visiting., and we look forward to doing business with you!



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