If you've already decided term life insurance isn't enough, and you want a policy that lasts your whole life and builds cash value along the way, you're choosing between two main options: Indexed Universal Life (IUL) and Whole Life insurance. Both are permanent policies. Both build cash value. But the way they get there, and what they guarantee along the way, are very different.

There's a version of permanent life insurance that doesn't get nearly enough attention - one that offers the lifetime coverage of whole life, the affordability of term, and almost none of the complexity of investment-linked policies. It's called Guaranteed Universal Life Insurance, or GUL, and for the right person, it may be the most practical permanent life insurance option available.

When most people think about life insurance, they think about two things: term policies that are affordable but temporary, and whole life policies that are permanent but expensive. Indexed Universal Life Insurance - commonly called IUL - occupies a different lane.

Last week, we looked at how life insurance can be a smart tool for building retirement income. This week, let's compare it to something everyone knows: the 401(k). Most people are told to “max out your 401(k)”—and yes, it has its benefits. But what they don’t tell you is that it’s not the only option. In fact, life insurance offers some unique advantages that could make it a powerful complement (or even alternative) to your 401(k), depending on your goals.

When most people think about life insurance, they think of protection for loved ones after they're gone. But what if I told you life insurance can also be a powerful tool while you're still living—especially for retirement?