Indexed universal life (often shortened to IUL) is a type of universal life insurance product that offers a death benefit coupled with a cash value account that can be used to pay policy premiums or take withdrawals and loans.^[1] Indexed life usually provides a floor of 0%, but offers higher upside interest crediting based on the performance of an outside stock index such as the S&P 500 Index. Indexed life insurance is a moderately conservative interest-sensitive life insurance product.^[2][3]