Are they generally the same thing?
Not even a little bit. The IUL is an insurance product you’re being sold by an insurance salesman (who’s making a nice commission off your policy). It’s intentionally complicated and only relevant for 1% of people. If you have an IUL (I did at one point) cancel it immediately before you put too much money in you’ll never get back. If you have dependents, got with term life insurance and invest the money you’re saving from cancelling the IUL and invest that in an index fund.
2 Likes