Best IUL in 2026, by Buyer Type
Written and reviewed by Hans Goldstein, licensed insurance producer, NPN 20602398 · CA Insurance License #4273294Last reviewed · Published October 3, 2026
Editorial review by a licensed agent who may earn a commission. No insurer pays for placement or grades. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy.
How this list was built (and what it is not)
Thirteen IUL products are graded here on the Goldstein Index, using only facts the insurers publish, each with a date and a source. That is enough to say which products lead on caps, loans, guarantees and living benefits. It is not enough to say which one builds the most cash value for you: that needs the same case run on every product (male 45, preferred nonsmoker, $12,000 a year to 65), which I will publish with guaranteed, midpoint and illustrated-scale columns. Until then, every overall grade is labeled provisional, and products with less than half of the Index weight graded show no overall letter.
One more honest point: a high cap is not automatically a better product. Insurers spend an options budget to buy each index strategy, and a higher cap on one product can come with higher charges elsewhere. Caps also change. Treat the cap column as a fact with a date, not a promise.
| Product | Carrier | AM Best | Living benefits | Loans | Provisional overall |
|---|---|---|---|---|---|
| FlexLife IUL | National Life Group | A+ | B | B | Pending 40% graded |
| Indexed Universal Life Express | Mutual of Omaha | A+ | B- | Pending | Pending 40% graded |
| Income Advantage IUL | Mutual of Omaha | A+ | Pending | Pending | Pending 15% graded |
| Financial Foundation IUL II | Transamerica | A | B | B+ | Pending 40% graded |
| Max Accumulator+ III | Corebridge Financial (American General Life) | A | A | B+ | Pending 35% graded |
| Pacific Horizon IUL 2 | Pacific Life | A+ | Pending | Pending | Pending 15% graded |
| IUL Accumulator II 2020 | Nationwide | A+ | A- | A- | A- 60% graded |
| WealthAccumulate 2 IUL | Lincoln Financial | A | Pending | Pending | Pending 10% graded |
| Allianz Life Accumulator | Allianz Life | A+ | B- | B+ | B+ 55% graded |
| Accumulation IUL | John Hancock | A+ | Pending | Pending | Pending 25% graded |
| Pathsetter IUL | F&G | A | Pending | B | Pending 45% graded |
| Eclipse Accumulator II | Securian Financial (Minnesota Life) | A+ | B+ | A- | Pending 35% graded |
| IUL Flex II | Principal | A+ | Pending | B+ | Pending 45% graded |
Goldstein Index v1, graded Oct 3, 2026. Draft grades on public data; "Pending" means the fact is not public yet or waits for Hans's standardized illustration. How we grade.
An honest presentation of anything non-guaranteed uses words like "up to", "could" or "illustrated at". If you hear "will" about cash value, index credits, loan income or a living-benefit payout ("this policy will pay you 80%", "you will have $1 million at 65"), treat it as a red flag. Only the guaranteed column and the contract's stated guarantees are promises; ask the person to show you where the word "guaranteed" appears.
AI voices. Education, not tax or legal advice. Hans is paid a commission if you buy a policy through him. Comment FUNDED on the video for the checklist.
Best IUL for borrowing later: Nationwide IUL Accumulator II
Nationwide publishes a declared loan at 3.90% in years 1 to 10 and 3.00% from year 11, plus an indexed loan at 5% current and 8% maximum (March 2026 materials). It also offers an Overloan Lapse Protection Rider II and a charged LTC Rider II, and its guaranteed minimum cap of 4% is among the strongest found. Current cap: 10.25% at 100% participation, plus a 13.25% high-cap account with a 1% charge (March 2026 sheet). Grades below.
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Goldstein Scorecard: IUL Accumulator II 2020
Goldstein Scorecard · Goldstein Index v1 · graded Oct 3, 2026 · how we grade →
Nationwide · vs. other indexed universal life policies · Draft grades on public data. Grades are shown on the page only and are Hans's editorial view.
| Dimension (weight) | Grade | One-line take |
|---|---|---|
| Cap / participation strength (15%) | B | 10.25% cap at 100% participation, plus a 13.25% high-cap account with a 1% charge. [1] as of Mar 15, 2026 re-grading |
| Floor and guaranteed minimums (5%) | A | 0% floor with a 4% guaranteed minimum cap, among the strongest guaranteed minimums found. [1] as of Mar 15, 2026 re-grading |
| Loan options and current loan rate (15%) | A- | Declared loan at 3.90% then 3.00% after year 10 gives a low-cost access route; indexed loan 5% current, 8% max. [2] as of Mar 15, 2026 re-grading |
| COI and charge drag (15%) | Pending | Charge schedules are in the policy form and illustration, not public; graded from the standardized case |
| Living-benefit riders (10%) | A- | Charged LTC Rider II pays closer to full value than discount riders. [3] as of Mar 2026 re-grading |
| Overloan protection (5%) | A | Overloan Lapse Protection Rider II available. [3] as of Mar 2026 re-grading |
| Illustration conservatism (AG 49-A/B) (10%) | Pending | Graded from the illustrated rate in the standardized case vs peers |
| Carrier strength (10%) | A | AM Best A+, affirmed 11/7/2025, stable. [4] as of Nov 7, 2025 re-grading |
| Cash value at years 10/20 vs peers (standard case) (15%) | Pending | Needs Hans's standardized illustration (WinFlex/iPipeline), on file before grading |
| Guaranteed minimum cap disclosed (disclosure, not weighted) | No | Not publicly disclosed. Ask for it: it is the lowest the cap can ever go. |
| OVERALL | A- | Provisional, on public data only: 60% of the Index weight is graded. The final grade waits for Hans's standardized case (M45 preferred nonsmoker, $12,000/yr to 65, max-funded Option B to A, plus a minimum-funded case at the same death benefit). |
On public data, IUL Accumulator II 2020 grades strongest on floor and guaranteed minimums, loan options and current loan rate, living-benefit riders, overloan protection, carrier strength. 3 of 9 dimensions wait for a standardized illustration, so treat this as a starting point, not a verdict. Neutral summary of the scorecard, not a personal recommendation.
Best for: Max-funded accumulation buyers who plan to borrow later and want a low declared loan rate after year 10.
Look elsewhere if: You want the highest headline cap; a few carriers publish higher caps (with different hedge budgets).
Runner-up: Securian Eclipse Accumulator II, with a fixed loan charged 4% and credited 3% in years 1 to 10 and 4% after (net 1%, then 0%), a 5% indexed loan, a Moody's-based variable loan, and no interest on loans repaid within 90 days (product guide, July 2025; Securian F108140-1). Its current caps sit behind a login, so they are not graded here. Lincoln's IULs also publish low fixed loans (4%, then 3% after year 10, on WealthProtector and WealthBuilder), but WealthAccumulate 2's own loan terms are not public.
- Ask: what is the guaranteed minimum cap and the guaranteed minimum participation rate in the contract for each index account? Not today's cap, the floor the cap can never go below.
- Why it matters: today's cap is not guaranteed. The insurer can lower caps on your policy over time, all the way down to that contractual minimum. Guaranteed minimum caps we have seen published run from 0.25% to 4% (insurer documents, 2024 to 2026), and several insurers don't publish theirs at all. That is a very different worst case.
- Many agents cannot answer this question on the spot. If yours can't, ask them to find it in the policy form or the illustration's guaranteed assumptions before you sign.
Where the insurer publishes it, the Goldstein Scorecard shows the guaranteed minimum cap; otherwise it says "not publicly disclosed". Caps, participation rates, loan rates, charges and dividends are not guaranteed and can change.
Best published caps: Allianz Life Accumulator and F&G Pathsetter
Allianz Life Accumulator shows a 12.25% cap on the S&P 500 one-year point-to-point account as of September 1, 2026, with a 0.25% guaranteed minimum cap and a 5.30% fixed account (rate sheet M-8871). F&G Pathsetter shows a 12% cap, or 9.5% at 140% participation (Rev. 04-2026); its guaranteed minimum cap is not publicly disclosed, and its 0.25% figure is the minimum annual index credit (the floor), not a cap. Both are high caps today. Allianz publishes a small guaranteed minimum; F&G doesn't publish one, so ask for it. That is the trade-off.
Best living benefit design: Corebridge Max Accumulator+ III
Most no-charge living-benefit riders pay a discounted amount at claim. Corebridge's Accelerated Access Solution on Max Accumulator+ pays dollar for dollar, 2% or 4% of the death benefit a month, up to $3 million, with no rider fee on that product. The watch item: AM Best placed Corebridge under review in March 2026 pending its merger with Equitable. See the Corebridge review.
Also strong here: Nationwide (charged LTC Rider II) and Lincoln (charged LifeEnhance). For how much the discount riders really pay, read how much living benefits pay.
Best without a medical exam: Mutual of Omaha IUL Express
For smaller face amounts bought without a paramed exam, IUL Express is simple and fast, from an A+ rated insurer. Living benefits can accelerate part of the face, but the payout is reduced by an actuarial discount based on life expectancy. If you can pass an exam and could qualify for a preferred class, a fully underwritten IUL gives you access to those classes (simplified-issue products offer fewer classes). Read the IUL Express review and paramed vs no exam.
Best for middle-income families who want riders: National Life FlexLife and Transamerica FFIUL II
Both lead their market by policy count and build terminal, chronic and critical illness triggers in at no upfront charge. Transamerica's own brochure shows what the discount means: 92% of the amount accelerated for a terminal illness, 54% for a heart attack at 48 with a 10-year life expectancy, about 30% for a chronic illness at 45 (Transamerica). National Life's charged Premium Chronic Care Rider is not available in California. Reviews: FlexLife, Transamerica.
Best IUL for an ILIT
Usually none: inside an irrevocable life insurance trust, the job is a guaranteed death benefit at the lowest guaranteed cost, which is what guaranteed universal life does. An IUL can work in a trust if it is funded to a no-lapse guarantee and monitored every year. See GUL vs IUL.
Why the funding level matters more than the brand
The same IUL can be an excellent policy or a poor one depending on how it is funded. Bought for the smallest premium on the largest death benefit, it builds little cash and carries the most risk of lapsing late in life. Funded close to the tax-law limit on a smaller death benefit, it builds the most cash per dollar. That design choice usually moves the outcome more than the difference between two good carriers. See max-funded IUL and the funding checker.
And age matters: I rarely recommend an IUL to someone 65 or older for cash value. At that age it is a death benefit tool (why).
Ballpark ranges by age, sex, health class and face amount, with dates and sources: What an IUL costs, by funding level →
Get your exact number in 15 minutes on a call with Hans.
Shopping for an IUL?
Tell me what you want it to do. Within one business day you get two or three designs side by side, guaranteed, midpoint and current, funded the right way for your goal.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer
Frequently asked questions
Sources
- Nationwide IUL crediting rates (FLM-1491AO)
- Nationwide IUL loan provisions (LAN-1028M3)
- Nationwide IUL Accumulator II 2020 (FLM-1490AO)
- Lincoln Financial: WealthProtector IUL launch (2/17/2026)
- Allianz Life Accumulator rate sheet M-8871 (9/1/2026)
- F&G: Everlast and Pathsetter comparison (ADV5572, Rev. 04-2026)
- Corebridge: Accelerated Access Solution (AGLC109731)
- AM Best: Corebridge (AGL) ratings placed under review (3/27/2026)
- Transamerica Financial Foundation IUL II living benefits brochure (07/25)
- National Life Group, 10/29/2025: FlexLife Premium Chronic Care Rider and Value Added Services Rider
- Mutual of Omaha: universal life insurance (consumer page)
- LIMRA: 2025 full-year top 20 IUL company rankings
- NAIC Actuarial Guideline 49-A (IUL illustrations)
Hans Goldstein, CA Insurance License #4273294 · NPN 20602398 · Goldstein & Co. LLC dba Goldstein Insurance Services, CA License #6016830
Contact: hans@hansgoldstein.com · 213-414-2808
General education, not tax or legal advice. Tax treatment depends on your facts and on current law, which can change. Talk to your CPA or estate attorney. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Guarantees apply only to the contractual terms of the policy. Caps, participation rates, loan rates, charges and dividends are not guaranteed and can change. Hans is paid a commission by the insurer if you buy a policy through him. For life insurance, ask and he will tell you what he earns on your specific policy. Product and company names are trademarks of their owners. Goldstein Insurance Services is an independent agency, not affiliated with or endorsed by any insurer named here. Life insurance requires underwriting; not everyone qualifies. This page describes products in general terms; read the policy and the insurer's disclosures before you buy.