Universal life insurance (UL) comes in a lot of different flavors, from fixed-rate models to variable ones, where you select various equity accounts to invest in. Indexed universal life (IUL Indexed universal life insurance (IUL) is an insurance product that seems to promise you can have your cake and eat it, too. Unfortunately, as with most things in life, there are no free lunches. The devil is in the details, and when you really examine them, it becomes clear that these are products designed to be sold, not bought. Getting an indexed universal life insurance policy tailored for you can be a daunting task. Why? Because universal life insurance was designed to be flexible, which means there a lot of options to