An Indexed Universal Life (IUL) account is a life insurance policy offering lifelong protection and cash value growth linked to a stock market index like the S&P 500. It provides tax-deferred savings, flexible premium payments, and a death benefit. Opening an IUL involves choosing a provider, consulting an agent, applying, reviewing the policy, and funding it. Transfers from other policies via 1035 exchanges are tax-free. Proper funding avoids losing tax benefits due to MEC status.