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Indexed universal life (IUL) insurance is rapidly gaining in popularity among advisors and insurance salespersons who sell cash value policies. This new type of policy can provide the insured with a better bang for their buck than traditional straight whole or universal life products, although the rates that they pay will vary according to market conditions. Sales of these instruments rose nearly 150% from 2010 to 2014 and they constituted more than half of all indexed universal sales up through the third quarter of 2015. But industry regulators are now starting to scrutinize the illustrations that are being used to sell these products more closely. Historically low interest rates have made it harder than ever for many insurers to provide the returns that are being shown in many of these illustrations, and many agents may be promising things to their clients that cannot come true. How They Work Indexed universal life insurance essentially mirrors fixed indexed annuities in how they are created. They start with a standard universal life chassis that credits interest to the cash value in the policy. But instead of basing the interest on prevailing rates, it calculates a rate based upon the performance of an underlying benchmark index, such as the Standard & Poor’s 500. This crediting method can often result in a larger amount of interest being paid into the policy over time. And like indexed annuities, the cash value can never decrease due to market action. If the benchmark index declines in value, then the policy owner is shielded from loss. IULs can also offer accelerated benefit riders that will pay out a portion of the death benefit if the insured become ill or disabled. This type of policy has become very popular for these reasons. (For more, see: What is Indexed Universal Life Insurance?) Regulatory Concerns Although IULs can often provide a better rate of return than their traditional cash value counterparts, many companies and agents who market these products have used illustrative assumptions that are fundamentally unrealistic. Some carriers have promised growth in the 10-12% range, which is not realistically sustainable. The National Association of Insurance Commissioners has therefore enacted a rule known as Actuarial Guideline (AG) 49. This rule establishes a set of uniform standards that all IUL carriers must adhere to in the illustrations that they show their clients. The first phase of AG 49 went into effect back in September of 2015 and put a cap on the illustration rates. The second phase will be implemented on March 1 of this year and will standardize all loan illustrations for policies. AG 49 will allow policies to show a maximum return of 7% on all IUL illustrations with no exceptions.