Indexed universal life insurance is a type of permanent coverage, which means it can last your entire life and build cash value. 

Unlike other types of universal life, an IUL policy places the cash value in sub-accounts that mirror a stock index, such as the S&P 500. As an alternative to indexed accounts, IUL policies also offer fixed account options that earn interest at a set rate. 

Similar to other universal life policies, IUL gives policyholders the flexibility to adjust their premiums and death benefit as needed.