Josh Crenshaw

IUL is permanent life insurance with a cash value account. Part of each premium pays for the coverage, and part goes into cash value that can earn interest tied to a market index like the S&P 500, with a floor so a down year doesn't lose credited value (fees and charges still apply).

• Coverage for life, as long as the policy is funded
• Cash value you can borrow against later, for things like repairs, a slow month or retirement income
• Many policies include living benefits that can pay out early for a serious illness

Loans accrue interest and reduce cash value and the death benefit, and cash value takes time to build. A good design depends on your age, health, budget and goals.

Final expense is a smaller whole life policy, usually $5,000 to $40,000, built to cover funeral costs, medical bills and small debts so family isn't left paying them.

• Premiums are set when you buy and don't rise with age
• Many plans use a few health questions instead of a medical exam
• Coverage doesn't expire as long as premiums are paid

Mortgage protection is life insurance sized to your home loan. If you pass away, the benefit goes to your family so they can pay off or keep paying the mortgage and stay in the home.

• Usually term or permanent life sized to your loan balance and years left
• Some plans add living benefits for critical, chronic or terminal illness
• Some term plans offer a return-of-premium option

An annuity is a contract with an insurance company built for retirement savings and income. A fixed indexed annuity credits interest based on a market index while protecting your principal from market losses.

• Money grows tax-deferred until you take it out
• Can be turned into income you can't outlive
• Surrender charges apply if you take out more than allowed in the early years

• How much coverage do I actually need, and why?
• What happens to the policy if I miss a payment?
• What are the fees and charges, and how long until cash value builds?
• What living benefits are included?
• Which carrier is this with, and what's its financial rating?