IUL vs. Taxable Brokerage Account: Which Is Better for Retirement Income?

You’ve maxed out the retirement accounts you want to fund.

Or maybe you simply have another $10,000, $20,000 or $30,000 a year available to put toward retirement.

Now you have a decision.

Do you put that money into a taxable brokerage account and buy stocks, ETFs or mutual funds?

Or do you use some of it to fund a properly structured indexed universal life policy designed for retirement income?

At first, the brokerage account seems like the obvious answer.

It’s simple.

You can see the balance.

You can buy and sell investments.

You can get to your money.

And you don’t have to buy life insurance.

Then someone shows you an IUL illustration with a large projected retirement-income number.

Now you’re wondering:

“Am I missing something?”

Maybe.

But I wouldn’t answer this question by telling you that an IUL is better than a brokerage account.

And I wouldn’t automatically tell you to buy the index fund either.

I’d run both.

Same dollars.

Same time period.

Reasonable assumptions.

Taxes included.

Retirement distributions included.

Then see what happens.

A Brokerage Account and an IUL Are Not the Same Kind of Financial Tool

This needs to be clear from the beginning.

A taxable brokerage account is an investment account.

An IUL is permanent life insurance that can build cash value and includes a death benefit.

An IUL isn’t a stock-market account.

It doesn’t directly own the S&P 500.

It doesn’t receive the S&P 500’s dividends.

And indexed interest is calculated according to the policy’s crediting terms, which can include caps, participation rates, spreads and other contractual provisions.

So if someone compares the two by saying:

“This one earns 10%, and this one earns 10%, so they’re basically the same.”

Stop there.

They’re not.

Let’s Start With the Taxable Brokerage Account

Suppose you put $10,000 per year into a taxable brokerage account.

You might invest in:

• Individual stocks
• ETFs
• Index funds
• Mutual funds
• Bonds
• Other securities

You generally have substantial control over how the account is invested.

You also have substantial liquidity.

If you need money and have assets available to sell, you can generally sell them and access the proceeds.

There is no life insurance underwriting.

There is no cost of insurance.

There is no policy-loan structure.

There is no requirement that you qualify for future death-benefit increases.

Those are real advantages.

But “Taxable” Is in the Name for a Reason

A brokerage account can create taxes along the way.

Dividends may be taxable.

Interest may be taxable.

Capital-gain distributions from certain funds may be taxable.

When you sell an investment for more than your tax basis, a taxable capital gain may result.

Federal tax treatment can vary based on the type of income, holding period, taxable income and other factors.

State taxes can matter too.

That doesn’t make a brokerage account bad.

It means you should compare what you keep after taxes, not just what the statement says the account is worth.

Now Compare That With an IUL

Money used to pay premiums into an IUL isn’t invested directly in stocks.

The policy can build cash value according to its contractual terms.

With an indexed-crediting strategy, interest-crediting potential can be linked to the performance of an external market index without directly investing the policy’s cash value in that index.

The tradeoff is that the policy has insurance costs and other charges.

There can also be surrender considerations, particularly in earlier policy years.

So don’t compare:

Brokerage account return

against

IUL indexed-crediting rate

and assume you’ve completed the analysis.

You haven’t.

The Better Comparison Is Retirement Cash Flow

If your goal is retirement income, compare retirement income.

Suppose two people each commit the same amount of money for the same number of years.

One uses a taxable brokerage account.

The other uses an IUL strategy.

At retirement, don’t just ask:

“Who has the bigger account?”

Ask:

“How much can each strategy reasonably provide under the assumptions we’re testing?”

Then look at taxes.

Look at market risk.

Look at loan costs.

Look at policy charges.

Look at liquidity.

Look at longevity.

Look at what happens after a bad sequence of years.

That’s a retirement comparison.

The Brokerage Account Has Something an IUL Cannot Honestly Promise

Unlimited upside from the investments you actually own.

If an S&P 500 fund rises 25%, the fund investor participates in the investment’s performance, subject to expenses, taxes and tracking differences.

An IUL indexed-crediting strategy doesn’t simply credit 25% because the index rose 25%.

If the applicable strategy has a 10% cap, for example, a much larger positive index movement may still result in no more than the applicable capped credit under that strategy.

That’s a real tradeoff.

So Why Would Anyone Give Up Some Upside?

Because upside isn’t the only variable that affects retirement income.

Downside sequence matters.

Taxes matter.

The timing of distributions matters.

And how money is accessed matters.

A retiree doesn’t spend an average return.

A retiree spends dollars.

Imagine the Market Falls 30% Right After You Retire

You have $1 million in a brokerage account.

You retire.

Then the market drops sharply.

Now imagine you still need $70,000 for living expenses.

You’re taking distributions while the portfolio is down.

That can force you to sell more shares at depressed values.

If the market later recovers, those sold shares aren’t there to participate in the recovery.

That’s part of sequence-of-returns risk.

What Does a 0% Indexed-Crediting Floor Change?

Under an IUL indexed strategy with a 0% indexed-crediting floor, a negative index result may produce a 0% indexed-crediting result for the applicable crediting period rather than a negative indexed credit.

But I want to be precise here.

A 0% indexed-crediting floor does not mean your IUL cash value cannot decline.

Policy charges continue.

Cost of insurance can continue.

Loan charges can continue.

Other policy mechanics still apply.

The floor applies to the applicable indexed-crediting calculation.

It isn’t a magical floor underneath the entire policy value.

Now We Get to Taxes During Retirement

Suppose your brokerage account has appreciated substantially.

To create retirement cash flow, you may sell investments.

If those investments are sold above their tax basis, capital gains can result.

Other investment income may also continue generating taxes.

That doesn’t mean the entire withdrawal is taxable.

Basis matters.

Holding period matters.

The character of the income matters.

Your individual tax situation matters.

How Is Access to IUL Cash Value Different?

With a properly structured and maintained non-MEC life insurance policy, policy values may potentially be accessed through withdrawals to basis and policy loans without current income taxation under current federal rules, subject to applicable requirements.

Notice I didn’t say:

“All IUL income is tax-free.”

That statement is too broad.

Policy structure matters.

MEC status matters.

Basis matters.

Policy loans matter.

Lapse and surrender matter.

The policy needs to remain appropriately managed.

Policy Loans Have a Cost

Borrowing against an IUL isn’t the same thing as taking free retirement income.

A policy loan creates indebtedness.

There is an applicable loan cost.

Outstanding indebtedness generally reduces the net death benefit.

Large loan balances can put additional pressure on the policy.

And if a policy lapses or is surrendered with gain and outstanding indebtedness, taxable income can potentially result.

That’s why any comparison that says:

“Brokerage account is taxable, IUL is tax-free, therefore IUL wins”

isn’t good enough.

We need the actual math.

Now Add the IUL JUMP Strategy

This is where our comparison becomes different from simply comparing a conventional IUL with a brokerage account.

The IUL JUMP Strategy uses a Matching Indexed Participating Loan.

That loan is actual policy indebtedness.

It isn’t free money from the insurance company.

But instead of taking the loan proceeds outside the policy and spending them, the proceeds are immediately redeployed into the same policy as additional funding.

Here’s a Simple $10,000-Per-Year Example

Assume the client contributes $10,000 per year.

Look carefully at Year 11.

The client isn’t writing a $60,000 check.

The client is still contributing:

$10,000.

The additional:

$50,000

comes from the Matching Indexed Participating Loan.

That creates $60,000 of total annual funding shown in this example.

But again, the additional $50,000 is borrowed money.

Why Is the Loan Redeployed?

Because the JUMP concept is built around keeping those loan proceeds working inside the policy rather than consuming them.

Think about two conceptual buckets.

Bucket One: the client’s contributed money.

Bucket Two: the Matching Indexed Participating Loan money that has been redeployed into the policy.

Under the indexed strategy used in this example, both buckets have the same potential 10% cap and 0% indexed-crediting floor.

The loan-funded bucket also carries the applicable loan cost.

The Current Applicable Loan Rate Is 5%

With the policy structure we currently use for the IUL JUMP Strategy, the applicable loan rate is currently 5%, with a contractual maximum loan rate of 6% for the applicable loan feature.

That does not mean the rate is guaranteed to remain at 5%.

That’s why I want to model the strategy at the current 5% rate and stress-test it at the applicable 6% contractual maximum.

Where Does the Positive-Arbitrage Idea Come From?

One historical analysis used with this strategy examined annual S&P 500 price changes from 2006 through 2020.

Dividends were excluded.

The analysis applied the strategy’s 10% cap and 0% indexed-crediting floor to the annual price changes.

Negative years were treated as 0% for the indexed-crediting calculation.

Positive years above 10% were limited to 10%.

Under those assumptions, that historical period produced a:

6.87% historical average indexed-crediting result.

That’s not the historical return of the S&P 500.

It isn’t a guaranteed IUL return.

And it isn’t what I’m assuming the future will automatically produce.

6.87% Minus a 5% Loan Cost Creates a 1.87-Point Modeled Spread

Under that historical example:

6.87% – 5.00% = 1.87 percentage points.

That’s the modeled positive-arbitrage concept.

But don’t stop there.

If the applicable indexed credit is 0% while the loan cost is 5%, the spread for that period is unfavorable.

Positive arbitrage isn’t guaranteed.

Why Can the JUMP Retirement-Income Projection Become So Different?

Successive JUMPs can create additional loan-funded amounts that remain participating in the policy’s applicable indexed-crediting strategy.

Under the assumptions used in one JUMP model, the base 6.87% indexed-crediting assumption and the positive-arbitrage effect attributed to successive Matching Indexed Participating Loans produced modeled effective results of approximately:

• 8.74% at the Year 3 JUMP
• 11.61% at the Year 5 JUMP
• 14.48% at the Year 7 JUMP
• 17.35% at the Year 9 JUMP

Those numbers need to be described correctly.

They are not S&P 500 returns.

They are not IUL indexed-crediting rates.

They are not guaranteed policy returns.

They are modeled effective results produced under the assumptions used in that JUMP analysis, before accounting for applicable policy charges and other factors.

So Can JUMP Really Produce Up to 300% More Retirement Income?

In certain modeled comparisons we’ve evaluated, the IUL JUMP Strategy has produced up to approximately 300% more projected retirement income than the 401(k), Traditional IRA or comparable tax-deferred retirement strategy being evaluated.

We’ve also evaluated certain modeled comparisons where the JUMP structure produced approximately 40% more projected retirement income than the traditional IUL structure being compared.

But this article is comparing JUMP with a taxable brokerage account.

So I wouldn’t simply take the 300% number from a 401(k) comparison and declare:

“JUMP produces 300% more than a brokerage account.”

That’s not the comparison we ran.

We need to run the brokerage account separately.

That’s the entire point.

What Would a Fair Brokerage Comparison Require?

I’d start with the same client contribution.

If the client puts $10,000 per year into the JUMP strategy, start the brokerage comparison with $10,000 per year of the client’s money too.

Then establish the investment assumptions.

Include dividends where appropriate because a brokerage investor can actually receive them.

Include investment expenses.

Include taxes.

Include capital gains.

Include retirement withdrawals.

Then model market volatility rather than pretending the brokerage account earns the exact same percentage every year.

On the IUL side, include:

• Policy charges
• Cost of insurance
• Actual indexed-crediting mechanics
• Loan costs
• Outstanding indebtedness
• Future JUMP underwriting
• Policy durability
• Projected net death benefit

Now we’re comparing something useful.

The Brokerage Account Has Better Pure Liquidity

This shouldn’t be buried.

A taxable brokerage account is generally much simpler when you want access to your invested assets.

You can sell available investments.

You don’t have to qualify for a policy loan.

You aren’t dealing with life insurance surrender schedules.

You aren’t managing policy indebtedness.

For someone who expects to need substantial access to the money in the early years, that can be a major advantage.

An IUL Is a Long-Term Commitment

If you fund an IUL and then decide two years later:

“I changed my mind. Give me everything back.”

You may not like what you see.

Early policy values can be affected by policy charges and surrender provisions.

That’s why I don’t want someone funding an IUL with money they may need for next year’s kitchen remodel.

Keep emergency liquidity.

Keep short-term money short-term.

The Brokerage Account Also Has More Investment Control

Want more stocks?

You can choose them.

Want bonds?

You can choose those.

Want international exposure?

You can build it.

Want to change the portfolio?

You generally have substantial flexibility.

An IUL does not give you that same investment freedom because it isn’t a brokerage account.

You’re choosing among the crediting options available under the insurance contract.

But More Control Also Means More Behavioral Risk

Here’s the part that doesn’t show up neatly on a spreadsheet.

The market drops 25%.

Your $1 million brokerage account suddenly looks much smaller.

Then you turn on the television.

Everybody sounds terrified.

You think:

“Maybe I should get out until things calm down.”

You sell.

Then the market rebounds.

You wait because you’re afraid to get back in.

That’s not a problem with the brokerage account.

It’s a human problem.

But human behavior belongs in retirement planning.

What About the Death Benefit?

A taxable brokerage account doesn’t automatically create a life insurance death benefit.

Your heirs receive the assets that remain, subject to account ownership, estate planning, beneficiary arrangements and applicable tax rules.

An IUL includes life insurance.

If the insured dies while the policy is in force, the applicable death benefit is paid according to the contract, reduced by outstanding policy indebtedness and other applicable adjustments.

Life insurance death benefits are generally received income-tax-free under current federal law, subject to exceptions.

That can make the legacy comparison very different.

But Don’t Compare a Brokerage Balance With a Gross IUL Death Benefit

That’s another easy way to make the comparison look better than it really is.

If the IUL has substantial outstanding loans, look at the projected net death benefit.

Not simply the headline death-benefit number.

Same rule as always:

Show me what the family actually gets.

What About Capital Gains at Death in a Brokerage Account?

Under current federal tax rules, inherited assets can receive special basis treatment at death when applicable requirements are satisfied.

That can materially affect the tax comparison between a taxable brokerage account and life insurance.

So I would never build an IUL-versus-brokerage comparison that assumes every unrealized capital gain in the brokerage account will automatically be taxed during the original owner’s lifetime.

If we’re modeling legacy, model the applicable basis rules too.

Otherwise we’re stacking the deck.

What If You’re Primarily Trying to Build the Largest Possible Asset?

This is where the answer can change dramatically.

If your main objective is maximum long-term market participation, you’re comfortable with volatility, you’re willing to manage the tax consequences, and you don’t need the life insurance component, a taxable investment account deserves serious consideration.

An IUL shouldn’t be forced into a job it wasn’t designed to do.

What If Your Main Goal Is Retirement Cash Flow?

Now I want a different analysis.

Don’t tell me which account has the highest balance at 65.

Show me what happens when the retiree starts spending.

What happens after a market decline?

What taxes are created?

How much can be distributed?

How long does it last?

What happens at 85?

At 95?

What’s left for the family?

That’s the math I care about.

You Don’t Necessarily Have to Choose Only One

This is another place financial conversations become unnecessarily extreme.

“Stocks or IUL?”

Why does it automatically have to be all one or all the other?

A taxable brokerage account can provide liquidity, market participation and flexibility.

A properly structured IUL can potentially provide another source of retirement cash flow with very different tax, market and legacy characteristics.

For some people, the more interesting question is:

“What job should each bucket do?”

Here’s Where the Retirement Math Gets Personal

Imagine you’re 55.

You’ve done well.

You have a healthy 401(k).

You have money in a brokerage account.

You have another $20,000 a year available to save.

You’re not worried about getting rich.

You’re worried about getting retirement wrong.

You think:

“I’ve spent 30 years building this. I don’t want one bad decision in my 60s to undo it.”

Then another thought:

“What if we mess this up and regret it?”

You don’t want to become financially dependent on your children later.

“I don’t want to ask my kids for help.”

And part of your identity is that you’ve always handled your own finances.

“We should be able to handle this ourselves.”

That’s why this decision isn’t really about whether an IUL or brokerage account sounds better.

It’s about building a retirement structure you can actually live with when the market, taxes and life don’t cooperate with the original plan.

Here’s How I’d Compare the Two

Start with the amount you can actually commit.

Let’s say it’s $20,000 per year.

Run the taxable brokerage account.

Then run the proposed IUL.

Don’t use fantasy assumptions on either side.

For the brokerage account, include realistic investment returns, volatility, dividends, taxes, expenses and retirement withdrawals.

For the IUL, include policy charges, insurance costs, actual crediting assumptions, loan costs, current and maximum applicable loan rates, JUMP underwriting assumptions and policy durability.

Then stress-test both.

Test a Bad First Five Years of Retirement

This one matters.

Don’t only compare average returns.

What happens if the brokerage account experiences a major decline immediately after retirement?

What happens to sustainable distributions?

Then test weaker indexed-crediting results on the IUL side.

What happens to policy values and loan sustainability?

Neither strategy gets a free pass.

Test a Long Retirement

Run age 90.

Then 95.

Maybe 100.

What happens?

Does the brokerage portfolio remain?

Does the IUL remain in force?

What happens to policy indebtedness?

What happens to the projected net death benefit?

Don’t let an illustration end before the problem appears.

Test Higher Taxes

If you’re comparing a taxable account with a strategy designed partly around tax treatment, tax assumptions matter.

Run more than one tax scenario.

Then see how sensitive the result is.

If the entire recommendation collapses because one tax assumption changes slightly, you should know that before you buy anything.

Test the JUMP Loan at 6%

The applicable JUMP loan rate we’re currently using is 5%, with a contractual maximum of 6% for the applicable loan feature.

So don’t show me only 5%.

Show me 6%.

Then combine 6% with weaker indexed crediting.

That’s a much better test of the strategy.

Test What Happens If a Future JUMP Isn’t Approved

Future JUMPs require carrier approval.

Health matters.

Income can matter.

Employment can matter.

Existing insurance can matter.

Driving history, occupation, hazardous duties, risky hobbies and other underwriting factors can matter.

A future JUMP is not guaranteed when the original policy is issued.

If a future JUMP isn’t approved, the progression can pause rather than automatically resetting the strategy under the mechanics we’re discussing.

The client can remain at the previously achieved matching-loan level and potentially reapply at a later policy anniversary, subject to actual carrier rules and approval.

But the retirement projection needs to reflect the missed JUMP.

Then Compare What You Actually Care About

At the end, I want a handful of numbers.

How much did I personally contribute?

What is the projected retirement income?

How long is it projected to last?

What taxes were modeled?

What risks am I taking?

How liquid is the strategy?

What happens in bad years?

What is projected to remain at death?

Now you can make a decision.

So Which Is Better: an IUL or a Taxable Brokerage Account?

Neither wins automatically.

A brokerage account can offer direct investment ownership, greater investment flexibility, substantial liquidity and uncapped market upside, while exposing the investor to market losses and potentially creating ongoing or realized tax consequences.

An IUL provides life insurance and can offer indexed-crediting potential, a 0% indexed-crediting floor under applicable strategies, and potential access to policy values through properly structured withdrawals and loans, while also carrying insurance costs, policy charges, loan costs, surrender considerations and policy-management requirements.

The JUMP Strategy adds another layer through Matching Indexed Participating Loans and their potential modeled positive-arbitrage effect.

That can produce dramatically different retirement-income projections in certain comparisons.

But the big number isn’t enough.

The number isn’t the reason to buy it. The assumptions behind the number are what you need to understand.

How We Compare the Strategies at FPP Financial

At FPP Financial, we use our Retirement Math Method™.

I don’t want to tell you:

“IUL is better.”

And I don’t want to tell you:

“Just put everything in an index fund.”

I want to see the numbers.

What are you contributing?

How old are you?

When do you want to retire?

How much income do you need?

What happens under lower-return scenarios?

What happens with higher taxes?

What happens with the applicable JUMP loan rate at 6%?

What happens if a future JUMP is declined?

What happens if you live to 95?

Then compare the strategies side by side.

I don’t try to sell you on the strategy. I make the strategy prove itself with the math.

Want to Compare Your Brokerage Strategy With the IUL JUMP Strategy?

If you’re already putting money into a taxable brokerage account or you’re deciding where your next retirement dollar should go, we can model the alternatives.

We’ll look at the assumptions behind each strategy instead of starting with the conclusion.

If the brokerage strategy produces the better result for what you’re trying to accomplish, you should see it.

If the JUMP strategy produces a stronger modeled retirement-income result, you should see exactly where the difference came from.

Don’t buy the headline.

Make the strategy prove itself.

Let the math do the talking.

Schedule Your Tax-Free Retirement Strategy Meeting

Explore More

• What Is the IUL JUMP Strategy and How Does It Work?
• IUL JUMP Strategy vs. 401(k): Which Can Produce More Retirement Income?
• What Is a Matching Indexed Participating Loan in an IUL?

Disclosure

This material is for educational purposes only and is not intended as individualized investment, tax, legal or insurance advice. Indexed universal life insurance and taxable brokerage accounts are fundamentally different financial arrangements and involve different risks, costs, tax considerations, liquidity characteristics and potential benefits. Any comparison should account for the individual’s objectives, time horizon, financial circumstances and applicable product terms.

Indexed universal life insurance is a long-term life insurance product with policy charges, cost of insurance, surrender considerations, underwriting requirements and other contractual provisions. Indexed universal life policies do not directly invest in a market index, do not own the underlying index securities and do not receive index dividends. Indexed interest is determined according to the policy’s applicable crediting terms, which may include caps, participation rates, spreads and other provisions.

A 0% indexed-crediting floor does not guarantee that overall policy value cannot decline. Policy charges, cost of insurance, loan costs and other policy mechanics continue to apply. Caps, participation rates, spreads, loan rates and other nonguaranteed elements may change when permitted by the insurance contract.

Taxable brokerage accounts can experience investment losses, including loss of principal. Investment returns, dividends, interest, capital gains, expenses and tax consequences vary with the investments held and the investor’s circumstances. Past investment performance does not guarantee future results.

Withdrawals and policy loans from life insurance are different transactions and can have different effects on policy values, death benefits and taxation. Policy loans are actual policy indebtedness, generally accrue applicable loan charges, reduce available policy values and net death benefits, and may increase lapse risk.

Policy values from a properly structured and maintained non-MEC policy may potentially be accessed through withdrawals to basis and policy loans without current income taxation under current federal rules, subject to applicable requirements. Tax treatment can be affected by basis, Modified Endowment Contract status, policy lapse, surrender and other circumstances. A policy that lapses or is surrendered with gain and outstanding indebtedness may create taxable income.

Matching Indexed Participating Loans are policy loans, not free contributions, bonuses, guaranteed gains or direct investments in a market index. In the JUMP Strategy described here, Matching Indexed Participating Loan proceeds are modeled as being redeployed into the same policy as additional funding. The corresponding indebtedness and loan costs remain part of the policy economics.

The JUMP Strategy is modeled with applicable loan charges carried forward during the accumulation design rather than requiring the client to pay those charges out of pocket each year. This does not eliminate the economic cost of borrowing, guarantee positive arbitrage or guarantee that policy values will remain sufficient to support policy indebtedness.

References to the $10,000 annual contribution example, JUMP progression, 6.87% historical indexed-crediting example, 1.87 percentage-point modeled positive spread, modeled effective results of 8.74%, 11.61%, 14.48% and 17.35%, current 5% loan rate, contractual maximum 6% loan rate, approximately 40% more projected retirement income, or up to approximately 300% more projected retirement income are illustrative and are not guarantees of future policy performance, positive arbitrage, policy durability, funding capacity, non-MEC status, future JUMP approval, net death benefit or retirement income.

The up-to-approximately-300% projected retirement-income comparison cited in this article refers to certain modeled comparisons involving the IUL JUMP Strategy and a 401(k), Traditional IRA or comparable tax-deferred retirement strategy. It should not be interpreted as a claim that the IUL JUMP Strategy will produce 300% more retirement income than a taxable brokerage account. A brokerage-account comparison must be modeled separately using appropriate assumptions for investment performance, dividends, expenses, taxation, withdrawals and other relevant factors.

The historical 6.87% indexed-crediting example discussed in this article is based on an analysis of annual S&P 500 price changes from 2006 through 2020, excluding dividends, and applying the stated 10% cap and 0% indexed-crediting floor. Historical results do not predict future policy performance. The modeled effective JUMP results discussed above are not S&P 500 returns or indexed-crediting rates and should not be interpreted as guaranteed policy returns.

Positive arbitrage is not guaranteed. Periods in which indexed crediting is below the applicable loan cost can produce unfavorable loan economics. Policy charges and other expenses must also be considered when evaluating overall policy performance.

Future JUMPs and death-benefit increases are subject to carrier approval and applicable medical, financial and other underwriting requirements. Future approval is not guaranteed. Failure to complete a planned future JUMP can materially change projected funding, policy values, indebtedness, death benefits and retirement-income results.

Policy-specific loan provisions, withdrawal provisions, loan rates, guarantees, nonguaranteed elements, caps, participation rates, spreads, crediting methods, expenses, MEC testing, surrender provisions, lapse provisions and death-benefit provisions should be verified against the current carrier-approved illustration, current in-force information and actual insurance contract.

Tax laws can change, and the federal and state tax consequences of investment accounts and life insurance transactions vary with individual circumstances. FPP Financial does not provide tax or legal advice. Consult qualified tax and legal professionals regarding your individual circumstances.