I'm new to the insurance industry, so I've been studying Indexed Universal Life (IUL) products intensively. From my studies, I believe the following to be representative of this product no matter who offers it:

~ Allow you to draw income in retirement tax-free
~ Receive market-like returns without any market risk
~ Never take a market loss
~ Allow you to access your money at any age
~ Give you an option to continue to make your savings contributions if you become disabled
~ Provide a large, income-tax-free lump sum payment to your family if you die prematurely
~ Remain protected against judgments and lawsuits (in many states)

I'm not sure what Dave means about an IUL being used to fund college educations. Perhaps he will explain.

I think the insurance industry doesn't do an effective job of educating the public about IULs. Perhaps they'll get better as our country's fiscal crisis deepens.