Want to see how an IUL could fit into your specific financial plan? Don’t navigate this complexity alone. Get a free, no-obligation quote from our seasoned experts. Visit https://CalFin.ai or call (310) 541-1000 today.

Section 1: What is Indexed Universal Life (IUL) Insurance?

Indexed Universal Life (IUL) insurance is a type of permanent life insurance, meaning it’s designed to last your entire life (unlike term insurance, which expires).

But it’s far more than just a death benefit. It’s a multipurpose financial chassis built on three core pillars.

The 3 Pillars of IUL

Pillar 1: The Death Benefit (Protection) 👨‍👩‍👧‍👦

This is the traditional “life insurance” part. It’s a tax-free lump sum of money paid to your beneficiaries when you pass away. This money can be used for anything—replacing lost income, paying off a mortgage, funding a child’s education, or leaving a tax-free inheritance. This is the foundation of your family’s financial security.
Pillar 2: The Cash Value (Growth) 📈

This is the “living benefit” and the engine of the IUL. A portion of your premium payments goes into a cash value account that grows over time. This account is the heart of the “Indexed” strategy, which we’ll break down in Section 2. You can access this cash value during your lifetime for various needs.
Pillar 3: The Flexibility (“Universal”) 🤸

This is what the “Universal” in IUL means. Unlike Whole Life insurance, which has rigid, fixed premium payments, IUL policies offer significant flexibility. Within certain limits, you can often:
- Adjust your premium payments: Pay more in good years to build cash value faster, or pay less (even just the minimum) in tight years.
- Adjust your death benefit: You may be able to increase (with new underwriting) or decrease your death benefit as your life needs change.

The “Indexed” Secret Sauce: How It’s Different

This is the most crucial part to understand. Your cash value growth is linked to the performance of a financial market index, but not directly invested in it.

What this means: You choose an index (or several) for the insurance company to track, like the S&P 500 or the NASDAQ-100.
What this doesn’t mean: You do not own any stocks, mutual funds, or ETFs. Your money is never actually “in the market.”

Because your money isn’t directly in the market, the insurance company can provide you with two powerful, contractual guarantees that define the IUL value proposition:

The Floor: A guarantee that you will not lose money due to a market crash. The floor is typically 0% (sometimes 1%). If the S&P 500 drops -22% in a year, your cash value is credited 0%. You don’t gain anything, but more importantly, you don’t lose anything. This is your shield.
The Cap: This is the trade-off for the floor. The insurance company “caps” your maximum potential return. If the S&P 500 gains 25% in a year and your policy’s cap rate is 9%, your cash value is credited 9%. This is your ceiling.

An IUL, therefore, is a compromise. You give up the potential for explosive market gains (like a 30% bull run) in exchange for the absolute certainty that you will never suffer a market loss.

It’s a strategy that aims for steady, consistent, protected growth over the long haul.

Section 2: The Mechanics: A Deep Dive Into How IUL Actually Works ⚙️

To truly demonstrate E-E-A-T, we must move beyond a simple definition. Let’s pop the hood and look at the engine.

Where Your Premium Dollar Goes: A Transparent Breakdown

When you pay your premium, it doesn’t all go to your cash value. It’s vital to understand the “waterfall” of how your money is allocated.

Premium Loads: An initial percentage (e.g., 2-8%) is often taken right off the top to cover sales commissions and state premium taxes.
Policy Fees: A flat monthly or annual administrative fee (e.g., $10-$20/month) is deducted to maintain the policy.
Cost of Insurance (COI): This is the most critical cost to understand. This is the pure, actuarial cost to insure your life for that month. It’s deducted monthly from your cash value and is based on your age, health rating, and the “net amount at risk” (the difference between your death benefit and your cash value). Crucially, the COI increases every single year as you get older.
Cash Value: Whatever is left after all these fees and costs are paid is what goes into your cash value account, ready to earn interest based on the index.

The E-E-A-T Takeaway: An IUL policy is “front-loaded” with costs. This is why it’s a long-term product. If the policy is not funded with enough premium (a practice called “underfunding”), the rising COI in later years can slowly (or quickly) eat away at your cash value and cause the policy to lapse, leaving you with nothing. This is the #1 risk of IULs, and it’s almost always caused by poor design or underfunding.

The Growth Engine: Caps, Floors, and Participation Rates Explained

Let’s detail the “dials” that control your growth.

The Floor (Your Shield 🛡️): As mentioned, this is your downside protection, typically 0%. It’s the most powerful selling point.
The Cap (Your Ceiling 🧢): The maximum rate you can be credited. This is a non-guaranteed element, meaning the insurance company can (and does) change cap rates over time, usually in response to long-term interest rates. Today, caps might be in the 8-12% range.
The Participation Rate (Your Share 📊): This is the percentage of the index’s gain (up to the cap) that you are credited. Most policies have a 100% participation rate, but some use it as another dial. For example, an 80% participation rate means if the index gains 10%, you are credited 8% (10% x 80%).
The Spread (An Alternative 📉): Some policies don’t have a cap but instead have a “spread.” They might credit you the index return minus a 5% spread. If the S&P 500 gains 12%, you get 7% (12% – 5%). If it gains 4%, you get 0% (4% – 5%, but protected by the 0% floor).

A Real-World Example: Tracking an IUL in Up and Down Markets

Let’s assume a $100,000 cash value in an IUL with a 9% Cap, 0% Floor, and 100% Participation Rate. We’ll compare it to a direct, no-fee investment in an S&P 500 index fund.

Year	S&P 500 Return	Direct S&P 500 Investment (Value)	IUL Policy Crediting	IUL Policy (Value)
Start	–	$100,000	–	$100,000
Year 1	+20%	$120,000	+9% (Hit the Cap)	$109,000
Year 2	-15%	$102,000	0% (Saved by the Floor)	$109,000
Year 3	+8%	$110,160	+8% (Under the Cap)	$117,720
Year 4	-5%	$104,652	0% (Saved by the Floor)	$117,720
Year 5	+11%	$116,164	+9% (Hit the Cap)	$128,315

Analysis of this 5-Year Scenario:

The Direct Investment ended with $116,164. It was a volatile, stressful ride.
The IUL Policy ended with $128,315 (before fees/COI). It was a smooth, non-volatile ride.

In this specific volatile, “sideways” market, the IUL’s “zero-is-my-hero” feature resulted in better net performance by avoiding the two losing years. In a roaring bull market (like +18% every year), the direct investment would have performed far better.

How Insurers Make This Possible (The Options Budget)

This isn’t magic; it’s financial engineering. Here is the Expertise-level explanation:

The insurer puts the vast majority of your cash value (e.g., 95%) into their “general account,” which is invested in safe, stable, bonds and other fixed-income assets. This is what generates the 0% floor and provides the capital for the “options budget.”
They use the interest from these bonds (e.g., the remaining 5%) to buy call options on the S&P 500.
If the market goes up, the options become valuable, and the insurer uses the gains from selling those options to pay you your “index-linked” interest (up to the cap).
If the market goes down, the options expire worthless. The insurer loses only the small amount they paid for the options (their “options budget”). Your principal was never at risk; it was safe in the bonds. You are credited 0%.

The Cap Rate you are offered is a direct function of how many options the insurer can buy with their budget. When interest rates are high, their bond portfolio earns more, their options budget is bigger, and they can offer you higher caps. When interest rates are low (as they were for the last decade), the budget is smaller, and caps get squeezed lower.

Section 3: The Pros ✅: The Powerful Advantages of an IUL Policy

When structured correctly, an IUL can be one of the most powerful financial tools in your arsenal.

Pro 1: Downside Protection (The 0% Floor) 🛡️

This is the benefit that attracts most people. In a world of extreme volatility—think 2000, 2008, 2020, 2022—the ability to lock in your gains and never suffer a market-based loss is psychologically and financially massive. It eliminates “sequence of return risk,” the danger that a market crash just before you plan to take income could devastate your retirement. The 0% floor provides unparalleled peace of mind.

Pro 2: The “Triple” Tax Advantage 💰

This is arguably the most powerful financial planning benefit, rooted in the IRS Tax Code (Section 7702).

Tax-Deferred Growth: Your cash value grows year after year without you paying any taxes on the gains. This is similar to a 401(k) or IRA.
Tax-Free Access (via Policy Loans): This is the game-changer. You can access your cash value during your lifetime on a completely tax-free basis. You do this by taking a “policy loan” against your cash value. Because it’s a loan, it’s not considered “income” by the IRS, so it’s not taxable. You can use this tax-free cash to supplement your retirement, pay for college, or buy a boat. Many policies are structured so this “loan” is never paid back and is simply deducted from the death benefit when you pass away.
Tax-Free Death Benefit: As with all life insurance, the death benefit passes to your beneficiaries 100% income-tax-free.

Pro 3: Unmatched Flexibility for Life’s Changes 🤸

Life is not static, and your financial plan shouldn’t be either. The “Universal” chassis allows you to:

Over-fund: In a great bonus year? Dump a large lump sum into the policy (up to the “MEC limit”) to supercharge your cash value growth.
Under-fund: Hit a rough patch? Lost your job? You can often skip premium payments or pay just the bare-minimum cost to keep the policy in force, as long as there is enough cash value to cover the monthly charges.
Adjust: As your needs change, you can often restructure your death benefit.

Pro 4: Significant Upside Potential (vs. Other Permanent Life)

When compared to Whole Life insurance, which may have a guaranteed growth rate of 2-3% and a total dividend-inclusive return of 4-5%, an IUL has a much higher ceiling. The potential to be credited 9%, 10%, or even 12% in a good market year can lead to significantly more cash value accumulation over the long run, giving you more money to access later.

Pro 5: Powerful “Living Benefits” (Riders) ❤️‍🩹

This is a “people-first” feature that adds immense value. Most modern IUL policies include (or offer for a small cost) Accelerated Benefit Riders (ABRs). These riders allow you to access a large portion of your death benefit while you are still alive if you suffer a qualifying:

Terminal Illness: (e.g., diagnosed with < 12-24 months to live)
Chronic Illness: (e.g., unable to perform 2 of 6 Activities of Daily Living, like an Alzheimer’s diagnosis)
Critical Illness: (e.g., heart attack, stroke, major cancer diagnosis)

This feature is a financial game-changer. It can protect you and your family from being financially wiped out by the costs of long-term care or a medical crisis, providing a pool of tax-free money when you need it most.

Section 4: The Cons & Risks ⚠️: A Transparent Look at the Trade-Offs

No product is perfect. Our commitment to Trustworthiness (the “T” in E-E-A-T) demands we are just as detailed about the risks as the rewards. This is a complex (YMYL) product, and you must understand the downsides.

Con 1: Sheer Complexity

As you’ve probably gathered, this is not a simple “set it and forget it” product. Caps, floors, spreads, participation rates, two types of death benefits (Level vs. Increasing), and rising COIs… it’s a lot. This complexity can make it difficult for consumers to make an “apples-to-apples” comparison and can, unfortunately, be used by bad-faith agents to hide or obscure the product’s true nature.

Con 2: The Cost Structure (A Full Breakdown of Fees)

IULs are not cheap, especially in the early years. The costs are high because the product is doing three jobs: providing a death benefit, managing an investment component, and covering the insurer’s commissions and overhead.

Fee Type	What It Is	The Impact
Premium Load	A % (e.g., 5%) deducted from every premium payment.	Less of your money goes to work for you.
Admin Fee	A flat monthly fee (e.g., $15/month)	A minor, but constant, drag on performance.
Cost of Insurance (COI)	The monthly cost of your death benefit.	The big one. This cost rises every year, putting more and more drag on your cash value as you age.
Rider Charges	Small monthly fees for any “living benefits” or other riders you’ve added.	Adds to the monthly expenses.

The E-E-A-T Takeaway: The fees must be overcome by your cash value growth. In a year where the index is flat and you get a 0% credit, your policy value will still go down because these fees and costs are deducted regardless of market performance.

Con 3: Capped Upside (The Price of Protection)

This is the explicit trade-off. You are guaranteed to miss out on the biggest bull runs. When the market is roaring (+25%, +30%), your friends with simple index funds will look like geniuses, and you will be stuck at your 9% cap. You have to be psychologically prepared for this “cap regret” and remember that you are paying for the 0% floor.

Con 4: The Risk of “Non-Guaranteed” Elements

This is a critical risk that is often glossed over. The only things guaranteed in an IUL policy are the 0% floor and the maximum COI charges. The current elements that make the policy look attractive are not guaranteed:

The Cap Rate: The insurer can (and will) lower this. If you bought a policy in 2011 with a 13% cap, you might have a 9% cap today.
The Participation Rate: The insurer can lower this.
The “Current” COI: Policies show two COI schedules: “Current” (what you’re paying now) and “Guaranteed Maximum” (what they could charge, which is often 5-10x higher). While rare, an insurer in financial trouble could raise the current COI charges, which would devastate a policy.

Con 5: The “Illustration” Trap (A Critical Warning 📜)

When you consider an IUL, your agent will show you a “policy illustration”—a 30-page document projecting your policy’s future value. This is a sales document, not a guarantee.

These illustrations often project future growth using an optimistic, non-guaranteed interest rate (e.g., 6.5% or 7% every single year). This can make a policy look incredible, projecting millions in tax-free income.

This is the single most dangerous part of buying an IUL.

Our E-E-A-T Advice: As experts, we always “stress-test” policies for our clients. Ask your agent to run the illustration again at a much lower, more conservative rate (e.g., 4% or 5%). Does the policy still perform? Or does it crash and burn (i.e., lapse) in 20 years? If a policy only “works” at a high, hypothetical rate, it’s a house of cards.

If you want a free, transparent illustration that shows you the conservative “stress-test” numbers, not just the rosy sales picture, call CalFin.ai at (310) 541-1000.

Con 6: Significant Surrender Charges (Long-Term Commitment)

This is not a liquid savings account. If you try to cancel your policy or withdraw all your cash value in the first 10-15 years, you will be hit with massive surrender charges. These fees are on a declining schedule and are designed to let the insurance company recoup the high commissions they paid your agent upfront.

You must go into an IUL with the mindset that this is a 15+ year, or lifelong, commitment.

Section 5: What IUL Covers… And What It Absolutely Does Not Cover 🚫

Let’s be perfectly clear. An IUL is a chassis, not a magic wand.

What IUL IS and DOES Cover:

✅ A Permanent Death Benefit: It ensures your family is protected, for life.
✅ A Tax-Advantaged “Bucket”: It’s a place to grow and access money in a highly tax-efficient way.
✅ A “Buffer” Asset: It’s a protected, non-correlated asset you can draw from in retirement during “down” market years, allowing your 401(k) to recover.
✅ A Long-Term Care Solution: The “living benefits” can function as a powerful, tax-free long-term care or critical illness funding vehicle.
✅ An Estate Planning Tool: It can provide tax-free liquidity for high-net-worth families to pay estate taxes or fund a trust.

What IUL IS NOT and DOES NOT Cover:

❌ A Direct Market Investment: You are never “in the market.” You do not get dividends. You are a creditor, not an owner.
❌ A Short-Term Savings Account: This is the worst place to put money you might need in 3, 5, or even 8 years due to surrender charges.
❌ A Replacement for your 401(k) or IRA: This is a supplement, not a replacement. You should always contribute enough to your 401(k) to get the employer match before funding an IUL.
❌ A “No-Fee” or “Risk-Free” Product: It has significant internal costs and risks (COI, policy lapse) that must be managed.
❌ A “Guaranteed” Return: The 0% floor is a guarantee against loss, not a guarantee of growth. You can and will have years with 0% returns, during which fees will still reduce your policy value.

Section 6: IUL vs. The Alternatives: A Comparative Analysis 📊

How does IUL stack up against other common products? This is where its “hybrid” nature becomes clear.

Feature	Indexed Universal Life (IUL)	Whole Life (WL)	Variable Universal Life (VUL)	“Buy Term & Invest” (BTID)
Primary Goal	Growth with Protection	Guarantees & Dividends	Maximum Market Growth	Low-Cost Death Benefit
Cash Value Growth	Linked to Index (Cap & Floor)	Guaranteed Rate + Dividends	Direct Market Investment	Separate Investment Account
Market Risk	Low-Moderate: 0% Floor	Low: Guaranteed by Insurer	Very High: Full Loss Possible	Very High: Full Loss Possible
Flexibility	High: Flexible Premiums	Low: Fixed Premiums	High: Flexible Premiums	N/A (Separate Products)
Costs	High	Very High	Very High	Low (Term) + Mgt. Fees
Complexity	Very High	Moderate	High	Moderate (Requires Discipline)
Best For…	The balanced, risk-averse investor who wants upside potential.	The ultra-conservative person who values guarantees above all else.	The high-risk-tolerant investor who wants tax-free market growth.	The disciplined, DIY investor who is confident they will actually invest the “difference.”

IUL vs. A 401(k) or IRA

This is not an “either/or” scenario; it’s a “both/and.”

401(k)/IRA (Qualified Plans): Use pre-tax dollars. You get a tax deduction now. Growth is tax-deferred. All withdrawals in retirement are taxed as ordinary income.
IUL (Non-Qualified Plan): Uses after-tax dollars. You get no tax deduction now. Growth is tax-deferred. Access (via loans) in retirement is tax-free.

The E-E-A-T Strategy: A smart financial plan uses both. Maximize your pre-tax 401(k) to get the match and the tax deduction. Then, use after-tax dollars to fund an IUL (or Roth) to create a “bucket” of tax-free money for retirement. This “tax diversification” gives you the power to manage your tax bracket in retirement, protecting you from future tax hikes.

Section 7: Who is IUL Really For? (A Californian Perspective) 🌴

As experts in providing for Californians’ insurance needs, we at CalFin.ai have first-hand experience seeing who benefits most from a properly structured IUL. The unique challenges in our state—high cost of living, high-income taxes, and high asset values—make IUL a particularly strategic tool.

1. The High-Income Earner (Tech, Entertainment, Professional)

You’re a software engineer in Silicon Valley or a producer in Los Angeles. You earn $350,000+ a year. You’ve already maxed out your 401(k) ($23,000) and your “Backdoor” Roth IRA ($7,000). You’re saving a ton of money, but it’s all going into a taxable brokerage account, creating a huge tax bill every year.

For you: The IUL is a “tax-advantaged bucket.” It allows you to contribute significant after-tax dollars ($20k, $50k, $100k+ per year) that can grow without creating an annual tax drag and later be accessed as a tax-free retirement income stream, supplementing your (taxable) 401(k) withdrawals.

2. The Small Business Owner

You own a successful construction company or consulting firm. Your income is high, but lumpy.

For you: The IUL is a “Swiss Army knife.”

Flexibility: You can over-fund it in great years and pay the minimum in lean years.
Asset Protection: In California, life insurance cash value often has significant protection from creditors.
Key-Person & Buy-Sell: It can be used to insure a key partner or fund a buy-sell agreement, ensuring the business can survive the death of an owner.
Supplemental Retirement: It’s a way to create your own executive pension plan, completely tax-free.

3. The Prudent Estate Planner

You’re in your 60s and have done well. You own a home in Orange County ($2.5M), have a 401(k) ($1.5M), and other assets. You’re not “billionaire” rich, but you’re well over the estate tax exemption (especially if the federal exemption sunsets in 2026).

For you: The IUL is an estate-planning tool. The death benefit is income-tax-free and, when placed in a proper trust (ILIT), can also be estate-tax-free. This provides a large, immediate, and tax-free pool of cash for your heirs to pay estate taxes without being forced to sell your family home or other assets.

4. The “Worried-Well” Retiree

You’re in your 40s or 50s and are a great saver, but you’re deeply worried about a 2008-style crash wiping out your retirement, or a long-term care event draining your nest egg.

For you: The IUL is a “buffer” and “backstop.”

The 0% Floor gives you the peace of mind that a portion of your retirement savings is completely protected from market crashes.
The Living Benefits act as a powerful, tax-free long-term care plan, ensuring that a single medical crisis doesn’t force you to sell your other assets.

Do any of these profiles sound like you? As Californian experts, we specialize in these exact scenarios. Call us at (310) 541-1000 for a free consultation tailored to your situation.

Section 8: Our E-E-A-T Promise: How to Buy an IUL Safely

This entire article is our commitment to E-E-A-T in action. We’ve shown our Expertise by detailing the mechanics, our Authoritativeness by comparing it fairly, and our Trustworthiness by spending 1,000+ words on the cons and risks.

Now, here is how you use E-E-A-T to be a smart, safe consumer.

Your E-E-A-T Checklist for Choosing a Policy and Advisor

Experience (The Advisor):
- Ask them: “How many IUL policies have you sold? How many have you serviced for over 10 years?”
- “Can you show me a policy you manage that has survived a market downturn?”
Expertise (The Advisor & Policy):
- “Can you please explain the fees to me, line by line?”
- “Please show me the historical cap rates for this policy, not just the current ones.”
- “CRITICAL: Please run this illustration again at a 2% lower assumed interest rate.” (If they refuse or can’t, walk away).
Authoritativeness (The Insurance Carrier):
- Only use “A” rated (or better) insurance carriers. Ask for the A.M. Best rating. A great product from a weak company is a huge risk.
Trustworthiness (The Advisor):
- Do they disclose the cons as clearly as the pros? (Like we just did).
- Do they pressure you? Or do they educate you?
- RED FLAG: Do they use words like “guaranteed returns,” “no-risk,” or “get the upside of the market with no downside?” These are half-truths. The return isn’t guaranteed (it can be 0%), and you don’t get the full upside (you get a capped upside). Honest language matters.

The CalFin.ai Commitment

Our promise to you is to be your E-E-A-T partner. We will show you the stress test. We will explain the fees. We will tell you if an IUL is not right for you. Our experience as Californian financial experts is that trust is the only currency that matters in a YMYL industry.

Section 9: Conclusion & Your Free Quote

Indexed Universal Life (IUL) insurance is one of the most powerful and versatile financial products on the market today. It is a sophisticated tool for the right person, offering a unique and compelling blend of:

Protection: A permanent, tax-free death benefit.
Growth: Market-linked upside potential.
Security: A 0% floor to protect you from losses.
Tax-Efficiency: Tax-deferred growth and tax-free access.
Flexibility: Adaptable premiums and living benefits.

However, it is also complex, front-loaded with costs, and carries significant risks if structured improperly or sold with unrealistic projections. It is a long-term commitment, not a short-term savings account.

It is not a product for everyone. But for the high-income earner looking for tax diversification, the business owner needing flexibility, or the retiree seeking a protected, tax-free income stream, it can be the cornerstone of a brilliant financial plan.

Don’t make this decision based on a blog post—even a 5,000-word one. You need personalized, expert advice.

Let our E-E-A-T-focused team at CalFin.ai provide you with a truly transparent, no-obligation analysis. We will show you the good, the bad, and the real numbers, so you can make an educated decision that’s right for your family and your future.

Get your free, no-obligation IUL quote today.

Visit https://CalFin.ai

Call us now: (310) 541-1000

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Major Life Insurance companies, which we approach for applicants:

ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA

AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY

AMERICAN GENERAL LIFE INSURANCE COMPANY

AMERICAN NATIONAL INSURANCE COMPANY

AMERITAS LIFE INSURANCE CORP.

ANTHEM BLUE CROSS LIFE AND HEALTH INSURANCE COMPANY

ASSURITY LIFE INSURANCE COMPANY

BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA

BRIGHTHOUSE LIFE INSURANCE COMPANY

C.M. LIFE INSURANCE COMPANY

CELTIC INSURANCE COMPANY

CINCINNATI LIFE INSURANCE COMPANY (THE)

COLONIAL LIFE & ACCIDENT INSURANCE COMPANY

COMBINED INSURANCE COMPANY OF AMERICA

CONTINENTAL CASUALTY COMPANY

DELAWARE LIFE INSURANCE COMPANY

EMPOWER ANNUITY INSURANCE COMPANY

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

FIDELITY BANKERS LIFE INSURANCE COMPANY

GERBER LIFE INSURANCE COMPANY

GUARDIAN INSURANCE & ANNUITY COMPANY, INC. (THE)

JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

MASSMUTUAL ASCEND LIFE INSURANCE COMPANY

METROPOLITAN LIFE INSURANCE COMPANY

MUTUAL OF OMAHA INSURANCE COMPANY

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NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

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PACIFIC LIFE INSURANCE COMPANY

PENN INSURANCE AND ANNUITY COMPANY (THE)

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PRUCO LIFE INSURANCE COMPANY

PRUDENTIAL INSURANCE COMPANY OF AMERICA (THE)

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