Index Universal Life Insurance

Indexed Universal Life policies are a more recent evolution from traditional life insurance policies, and base interest crediting on one or more “strategies” linked to the performance of a known stock or similar index (such as S&P 500), which is not under the control of the insurance company.

the best of both worlds;
along with a death benefit;
policyholders get a fixed contract with no direct investment in the market;
Reap all of the benefits of the stock market booms and are protected from the pain of busts.

Cash value accumulates tax-deferred, and the death benefit is tax-free for beneficiaries;
Loans made against the policy are also tax-free in many cases;
Premiums are paid with after-tax dollars, so partial and full withdrawals (up to the amount of premiums paid) are tax-free, too.

Flexible premium (as low as the cost of insurance).
Had a windfall can put that money in your IUL up to where the government requires you to pay taxes as you made too much money. (a/k/a MEC – modified endowment contract.
Living Benefit Riders
a. for critical accident;
b. for critical injury;
c. for chronic illness
d. for terminal illness