A specified account charge in an IUL policy refers to the charge the insurance company uses to cover the costs associated with the policy's guaranteed minimum interest rate and the potential for indexed interest credits.
This charge is specific to Index Universal Life insurance policies and is not found in other types of life insurance. It is a fixed dollar amount per $1,000 of your death benefit. The insurance company charges this to help cover the costs associated with the policy's guaranteed minimum interest rate and the potential for indexed interest credits. The Specified Amount Charge is deducted annually and remains relatively constant throughout the policy's life.
A specified account charge in an IUL policy refers to the charge the insurance company uses to cover the costs associated with the policy's guaranteed minimum interest rate and the potential for indexed interest credits.
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