IUL Benchmark Index
This index is intended to track the weekly Cap and Participation Rate for a 1-year, point-to-point S&P 500 indexed crediting strategy that would be offered in a market-priced Indexed UL product using Black-Scholes with the following parameters calculated on the specified date:
Historical option prices based on:
A hypothetical insurer new money yield equal to the ICE BofA 7-10 Year US Corporate Index
While no methodology can perfectly reflect the many factors that play into each carrier’s decision about how to set caps and participation rates, this index can serve as a check on what is “fair” in today’s market.
Option Budget Fair Market Cap 10% Cap Cost Volatility Contribution Rates Contribution Volatility Skew Contribution 8/4/2025 5.07% 9.57% 5.24% 3.31% 0.68% 1.25% 7/3/2025 5.20% 9.91% 5.24% 3.31% 0.72% 1.20% 6/4/2025 5.33% 10.00% 5.33% 3.37% 0.67% 1.29% 5/7/2025 5.42% 10.32% 5.28% 3.46% 0.57% 1.25% 4/2/2025 5.28% 10.05% 5.26% 3.35% 0.68% 1.22% 3/5/2025 5.29% 9.87% 5.34% 3.35% 0.69% 1.30% 2/5/2025 5.37% 10.23% 5.28% 3.25% 0.80% 1.23% 1/8/2025 5.60% 10.66% 5.34% 3.28% 0.77% 1.29% 12/4/2024 5.12% 9.94% 5.14% 3.22% 0.83% 1.09% 11/6/2024 5.36% 10.36% 5.22% 3.24% 0.83% 1.15% 10/2/2024 4.83% 8.75% 5.36% 3.31% 0.71% 1.34% 9/4/2024 4.94% 9.07% 5.33% 3.31% 0.75% 1.27% 8/7/2024 5.21% 9.61% 5.38% 3.41% 0.69% 1.28% 7/3/2024 5.48% 10.60% 5.25% 3.20% 1.02% 1.04% 6/5/2024 5.42% 10.56% 5.21% 3.20% 1.03% 0.99% 5/1/2024 5.78% 11.47% 5.22% 3.29% 0.95% 0.98% 4/3/2024 5.50% 10.92% 5.15% 3.27% 0.94% 0.94% 3/6/2024 5.38% 10.55% 5.17% 3.25% 0.94% 0.97% 2/7/2024 5.37% 10.54% 5.17% 3.20% 0.97% 1.00% 1/3/2024 5.25% 9.75% 5.35% 3.29% 0.88% 1.18% 12/6/2023 5.54% 10.26% 5.43% 3.29% 0.93% 1.22% 11/1/2023 6.43% 12.50% 5.43% 3.37% 0.88% 1.18% 10/4/2023 6.38% 12.25% 5.45% 3.39% 0.86% 1.20% 9/6/2023 5.89% 10.82% 5.54% 3.31% 0.97% 1.27% 8/2/2023 5.65% 10.10% 5.61% 3.32% 0.94% 1.35% 7/5/2023 5.61% 10.03% 5.60% 3.28% 0.99% 1.32% 6/7/2023 5.55% 9.96% 5.57% 3.33% 0.90% 1.34% 5/3/2023 5.14% 8.98% 5.62% 3.44% 0.69% 1.48% 4/5/2023 5.06% 9.14% 5.45% 3.44% 0.65% 1.35% 3/1/2023 5.67% 10.53% 5.44% 3.45% 0.73% 1.25% 2/1/2023 4.95% 8.83% 5.48% 3.41% 0.72% 1.35% 1/4/2023 5.45% 10.62% 5.18% 3.53% 0.58% 1.07% 12/7/2022 5.20% 9.91% 5.24% 3.55% 0.55% 1.14% 11/2/2022 6.08% 12.53% 5.04% 3.58% 0.52% 0.95% 10/5/2022 5.78% 11.74% 5.05% 3.57% 0.45% 1.03% 9/7/2022 5.15% 10.16% 5.08% 3.55% 0.43% 1.11% 8/3/2022 4.57% 8.87% 5.05% 3.52% 0.40% 1.13% 7/6/2022 4.85% 9.61% 5.01% 3.55% 0.33% 1.13% 6/1/2022 4.52% 8.90% 4.98% 3.54% 0.26% 1.18% 5/4/2022 4.52% 8.56% 5.14% 3.51% 0.27% 1.36% 4/6/2022 3.92% 7.15% 5.19% 3.50% 0.24% 1.45% 3/2/2022 3.25% 5.94% 5.07% 3.52% 0.14% 1.42% 2/2/2022 2.88% 5.25% 4.93% 3.44% 0.11% 1.38% 1/5/2022 2.66% 4.82% 4.92% 3.45% 0.06% 1.41%
Option Budget Fair Market Cap 10% Cap Price Volatility Contribution Rates Contribution Volatility Skew Contribution 12/1/2021 2.46% 4.41% 5.01% 3.51% 0.03% 1.47% 11/3/2021 2.45% 4.56% 4.66% 3.37% 0.03% 1.26% 10/6/2021 2.36% 4.28% 4.86% 3.45% 0.01% 1.39% 9/1/2021 2.15% 3.98% 4.61% 3.36% 0.01% 1.23% 8/4/2021 2.05% 3.78% 4.61% 3.36% 0.01% 1.23% 7/7/2021 2.14% 4.05% 4.49% 3.34% 0.01% 1.14% 6/2/2021 2.41% 4.65% 4.49% 3.36% 0.01% 1.13% 5/5/2021 2.43% 4.72% 4.50% 3.39% 0.01% 1.10% 4/7/2021 2.50% 5.00% 4.38% 3.36% 0.01% 1.01% 3/3/2021 2.32% 4.27% 4.87% 3.51% 0.01% 1.34% 2/3/2021 2.02% 3.66% 4.88% 3.51% 0.01% 1.36% 1/6/2021 1.96% 3.52% 4.88% 3.48% 0.02% 1.38% 12/2/2020 1.93% 3.59% 4.67% 3.45% 0.02% 1.20% 11/4/2020 2.02% 3.78% 4.73% 3.50% 0.02% 1.21% 10/7/2020 2.11% 3.93% 4.82% 3.54% 0.02% 1.26% 9/2/2020 1.95% 3.59% 4.84% 3.54% 0.02% 1.29% 8/5/2020 1.90% 3.40% 4.91% 3.50% 0.02% 1.39% 7/1/2020 2.29% 4.01% 5.15% 3.55% 0.02% 1.58% 6/3/2020 2.55% 4.60% 5.01% 3.52% 0.02% 1.47% 5/6/2020 2.96% 5.53% 5.01% 3.60% 0.02% 1.39% 4/1/2020 3.76% 7.37% 4.95% 3.64% 0.01% 1.29% 3/4/2020 2.37% 4.30% 4.83% 3.41% 0.09% 1.32% 2/5/2020 2.75% 5.21% 4.51% 3.16% 0.31% 1.04% 1/8/2020 2.96% 5.46% 4.68% 3.19% 0.31% 1.18% 12/4/2019 2.98% 5.35% 4.89% 3.28% 0.29% 1.32% 11/6/2019 3.02% 5.58% 4.76% 3.26% 0.30% 1.21% 10/2/2019 2.96% 5.17% 5.10% 3.37% 0.27% 1.45% 9/4/2019 2.83% 5.23% 4.77% 3.31% 0.30% 1.16% 8/7/2019 3.05% 5.73% 4.73% 3.28% 0.32% 1.13% 7/3/2019 3.21% 6.18% 4.55% 3.10% 0.42% 1.03% 6/5/2019 3.57% 6.99% 4.67% 3.23% 0.40% 1.05% 5/1/2019 3.78% 7.24% 4.78% 3.17% 0.50% 1.12% 4/3/2019 3.88% 7.58% 4.73% 3.16% 0.50% 1.07% 3/6/2019 4.10% 8.03% 4.80% 3.20% 0.51% 1.10% 2/6/2019 4.15% 8.41% 4.71% 3.23% 0.50% 0.98% 1/2/2019 4.43% 9.31% 4.69% 3.41% 0.41% 0.87% 12/12/2018 4.55% 9.27% 4.83% 3.40% 0.43% 1.00% 11/7/2018 4.55% 9.11% 4.87% 3.24% 0.53% 1.10% 10/3/2018 4.40% 8.79% 4.80% 3.11% 0.57% 1.12% 9/5/2018 4.24% 8.41% 4.78% 3.14% 0.53% 1.11% 8/1/2018 4.27% 8.50% 4.77% 3.12% 0.53% 1.12% 7/11/2018 4.23% 8.33% 4.79% 3.14% 0.50% 1.15% 6/6/2018 4.32% 8.82% 4.69% 3.10% 0.51% 1.08% 5/2/2018 4.25% 8.57% 4.75% 3.23% 0.44% 1.08% 4/4/2018 4.04% 8.01% 4.79% 3.33% 0.36% 1.10%
Option Budget Fair Market Cap 10% Cap Price Volatility Contribution Rates Contribution Volatility Skew Contribution 3/7/2018 4.00% 7.85% 4.78% 3.25% 0.39% 1.14% 2/7/2018 3.82% 7.53% 4.74% 3.30% 0.34% 1.10% 1/3/2018 3.49% 6.81% 4.49% 3.00% 0.43% 1.06% 12/6/2017 3.41% 6.55% 4.55% 3.06% 0.38% 1.11% 11/1/2017 3.41% 7.02% 4.28% 2.99% 0.35% 0.94% 10/4/2017 3.40% 7.09% 4.24% 3.01% 0.31% 0.92% 9/6/2017 3.31% 6.69% 4.37% 3.10% 0.27% 1.00% 8/2/2017 3.38% 7.38% 4.08% 2.95% 0.30% 0.83% 7/5/2017 3.52% 7.45% 4.28% 3.08% 0.28% 0.93% 6/7/2017 3.41% 7.21% 4.26% 3.09% 0.26% 0.91% 5/3/2017 3.57% 7.98% 4.13% 3.05% 0.25% 0.83% 4/5/2017 3.64% 8.03% 4.20% 3.08% 0.23% 0.89% 3/1/2017 3.70% 8.11% 4.26% 3.15% 0.19% 0.92% 2/1/2017 3.77% 8.15% 4.33% 3.17% 0.17% 0.99% 1/4/2017 3.75% 7.99% 4.38% 3.20% 0.17% 1.01% 12/7/2016 3.72% 7.82% 4.42% 3.22% 0.17% 1.03% 11/2/2016 3.24% 6.36% 4.58% 3.31% 0.11% 1.16% 10/5/2016 3.17% 6.26% 4.49% 3.24% 0.12% 1.12% 9/7/2016 3.01% 5.95% 4.42% 3.22% 0.11% 1.09% 8/3/2016 3.12% 6.32% 4.39% 3.24% 0.10% 1.04% 7/6/2016 3.07% 6.00% 4.55% 3.30% 0.08% 1.16% 6/1/2016 3.46% 6.95% 4.52% 3.26% 0.13% 1.13% 5/4/2016 3.40% 6.80% 4.56% 3.32% 0.09% 1.15% 4/6/2016 3.52% 7.11% 4.52% 3.27% 0.10% 1.14% 3/2/2016 3.92% 8.00% 4.64% 3.36% 0.11% 1.17% 2/3/2016 4.06% 8.37% 4.66% 3.42% 0.08% 1.16% 1/6/2016 4.03% 8.30% 4.64% 3.37% 0.11% 1.15% 12/2/2015 3.88% 8.12% 4.51% 3.31% 0.09% 1.11% 11/4/2015 3.91% 8.35% 4.44% 3.28% 0.07% 1.09% 10/7/2015 3.87% 8.24% 4.48% 3.37% 0.04% 1.06% 9/2/2015 3.99% 8.36% 4.59% 3.44% 0.05% 1.09% 8/5/2015 3.92% 8.92% 4.22% 3.19% 0.08% 0.96% 7/1/2015 3.92% 8.86% 4.26% 3.24% 0.05% 0.96% 6/3/2015 3.77% 8.33% 4.27% 3.23% 0.05% 0.99% 5/6/2015 3.58% 7.60% 4.37% 3.29% 0.05% 1.04% 4/1/2015 3.28% 6.72% 4.41% 3.29% 0.05% 1.08% 3/4/2015 3.47% 7.47% 4.25% 3.21% 0.05% 0.99% 2/4/2015 3.37% 7.01% 4.39% 3.31% 0.04% 1.05% 1/7/2015 3.53% 7.47% 4.40% 3.34% 0.04% 1.02% 12/3/2014 3.70% 8.60% 4.10% 3.21% 0.03% 0.86% 11/5/2014 3.66% 8.37% 4.15% 3.26% 0.02% 0.87% 10/1/2014 3.67% 8.18% 4.23% 3.28% 0.02% 0.94% 9/3/2014 3.53% 8.27% 4.01% 3.17% 0.02% 0.81% 8/6/2014 3.63% 8.22% 4.17% 3.27% 0.02% 0.88% 7/2/2014 3.67% 9.33% 3.83% 3.09% 0.03% 0.71%
Option Budget Fair Market Cap 10% Cap Price Volatility Contribution Rates Contribution Volatility Skew Contribution 6/4/2014 3.68% 9.07% 3.92% 3.13% 0.02% 0.76% 5/7/2014 3.70% 9.02% 3.95% 3.16% 0.02% 0.77% 4/2/2014 3.94% 9.97% 3.95% 3.15% 0.02% 0.77% 3/5/2014 3.89% 9.60% 3.99% 3.18% 0.03% 0.79% 2/5/2014 3.98% 9.36% 4.17% 3.31% 0.02% 0.84% 1/8/2014 4.19% 11.21% 3.91% 3.17% 0.03% 0.71% 12/4/2013 4.21% 10.72% 4.02% 3.23% 0.03% 0.76% 11/6/2013 4.07% 10.35% 3.98% 3.21% 0.02% 0.74% 10/2/2013 4.18% 10.52% 4.04% 3.26% 0.02% 0.76% 9/4/2013 4.46% 11.20% 4.13% 3.31% 0.02% 0.80% 8/7/2013 4.10% 10.60% 3.95% 3.21% 0.02% 0.71% 7/3/2013 4.14% 9.83% 4.19% 3.32% 0.02% 0.84% 6/5/2013 3.60% 8.40% 4.09% 3.32% 0.02% 0.74% 5/1/2013 3.03% 6.93% 3.95% 3.21% 0.02% 0.72% 4/3/2013 3.25% 7.43% 4.02% 3.22% 0.03% 0.77% 3/6/2013 3.31% 7.71% 3.97% 3.20% 0.03% 0.74% 2/6/2013 3.37% 7.83% 4.00% 3.21% 0.03% 0.76% 1/2/2013 3.21% 7.00% 4.20% 3.32% 0.03% 0.86% 12/5/2012 3.12% 6.75% 4.23% 3.35% 0.03% 0.85% 11/7/2012 3.11% 6.56% 4.35% 3.40% 0.03% 0.92% 10/3/2012 3.23% 6.84% 4.35% 3.39% 0.03% 0.94% 9/5/2012 3.41% 7.09% 4.51% 3.47% 0.02% 1.01% 8/1/2012 3.45% 7.11% 4.54% 3.46% 0.02% 1.06% 7/11/2012 3.59% 7.41% 4.57% 3.47% 0.03% 1.07% 6/6/2012 3.94% 7.89% 4.79% 3.53% 0.02% 1.24% 5/2/2012 3.87% 8.15% 4.53% 3.40% 0.03% 1.10% 4/4/2012 4.10% 8.81% 4.51% 3.39% 0.03% 1.08% 3/7/2012 3.89% 7.87% 4.72% 3.49% 0.02% 1.21% 2/1/2012 3.96% 8.28% 4.60% 3.47% 0.02% 1.11% 1/4/2012 4.31% 8.89% 4.74% 3.53% 0.02% 1.20% 12/7/2011 4.35% 8.95% 4.78% 3.59% 0.01% 1.18% 11/2/2011 4.08% 8.17% 4.85% 3.59% 0.01% 1.25% 10/5/2011 4.51% 9.40% 4.76% 3.63% 0.01% 1.13% 9/7/2011 4.08% 8.39% 4.73% 3.58% 0.01% 1.14% 8/3/2011 4.06% 8.74% 4.52% 3.48% 0.02% 1.01% 7/6/2011 4.52% 10.40% 4.40% 3.38% 0.03% 0.98% 6/1/2011 4.34% 9.76% 4.42% 3.40% 0.03% 0.99% 5/4/2011 4.49% 10.13% 4.45% 3.41% 0.03% 1.01% 4/6/2011 4.80% 11.07% 4.46% 3.40% 0.05% 1.02% 3/2/2011 4.73% 10.84% 4.46% 3.43% 0.04% 0.99% 2/2/2011 4.80% 11.51% 4.35% 3.37% 0.05% 0.94% 1/5/2011 4.81% 11.05% 4.46% 3.45% 0.05% 0.97% 12/1/2010 4.52% 9.88% 4.56% 3.52% 0.04% 1.01% 11/3/2010 4.10% 8.99% 4.46% 3.49% 0.03% 0.94% 10/6/2010 3.98% 8.21% 4.70% 3.56% 0.03% 1.11%
Option Budget Fair Market Cap 10% Cap Price Volatility Contribution Rates Contribution Volatility Skew Contribution 9/1/2010 4.30% 8.92% 4.74% 3.59% 0.03% 1.12% 8/4/2010 4.52% 9.62% 4.67% 3.54% 0.03% 1.09% 7/7/2010 4.84% 10.06% 4.82% 3.60% 0.03% 1.19% 6/2/2010 5.21% 11.13% 4.77% 3.58% 0.04% 1.15% 5/5/2010 5.01% 11.30% 4.55% 3.55% 0.05% 0.95% 4/7/2010 5.23% 13.17% 4.32% 3.40% 0.07% 0.84% 3/3/2010 5.26% 13.22% 4.32% 3.42% 0.05% 0.85% 2/3/2010 5.34% 13.02% 4.40% 3.47% 0.05% 0.88% 1/6/2010 5.40% 13.30% 4.38% 3.48% 0.06% 0.84% 12/2/2009 5.39% 12.75% 4.46% 3.55% 0.03% 0.87% 11/4/2009 5.64% 13.18% 4.53% 3.57% 0.04% 0.92% 10/7/2009 5.44% 12.93% 4.44% 3.56% 0.04% 0.85% 9/2/2009 5.73% 13.44% 4.51% 3.60% 0.04% 0.87% 8/5/2009 6.18% 15.21% 4.47% 3.57% 0.05% 0.84% 7/1/2009 6.76% 16.72% 4.55% 3.59% 0.06% 0.90% 6/3/2009 6.98% 17.23% 4.55% 3.61% 0.04% 0.90% 5/6/2009 7.56% 19.33% 4.48% 3.63% 0.04% 0.81% 4/1/2009 8.24% 20.81% 4.50% 3.64% 0.04% 0.82% 3/4/2009 8.51% 21.02% 4.61% 3.64% 0.05% 0.92% 2/4/2009 8.07% 19.23% 4.68% 3.64% 0.04% 1.00% 1/7/2009 8.01% 19.27% 4.64% 3.64% 0.03% 0.97% 12/3/2008 8.95% 21.12% 4.69% 3.61% 0.04% 1.05% 11/5/2008 9.36% 22.35% 4.80% 3.64% 0.08% 1.08% 10/1/2008 8.26% 21.40% 4.66% 3.60% 0.17% 0.89% 9/3/2008 6.97% 17.59% 4.62% 3.52% 0.27% 0.84% 8/6/2008 7.10% 18.20% 4.66% 3.49% 0.31% 0.87% 7/2/2008 6.82% 16.00% 4.79% 3.53% 0.29% 0.97% 6/4/2008 6.50% 15.37% 4.73% 3.50% 0.28% 0.94% 5/7/2008 6.33% 15.57% 4.62% 3.46% 0.28% 0.88% 4/2/2008 6.49% 15.50% 4.67% 3.53% 0.21% 0.93% 3/5/2008 6.31% 14.82% 4.68% 3.53% 0.22% 0.94% 2/6/2008 5.91% 13.00% 4.79% 3.56% 0.24% 1.00% 1/2/2008 5.97% 12.71% 4.93% 3.53% 0.40% 1.01% 12/5/2007 6.00% 12.82% 4.93% 3.52% 0.40% 1.01% 11/7/2007 6.09% 12.59% 5.05% 3.54% 0.45% 1.07% 10/3/2007 6.10% 12.88% 5.05% 3.39% 0.66% 1.00% 9/5/2007 6.07% 12.50% 5.10% 3.46% 0.61% 1.03% 8/1/2007 6.23% 12.99% 5.10% 3.43% 0.72% 0.94% 7/11/2007 6.23% 13.20% 5.11% 3.28% 0.92% 0.91% 6/6/2007 6.02% 12.90% 5.06% 3.18% 1.02% 0.87% 5/2/2007 5.69% 11.90% 5.08% 3.07% 1.11% 0.89% 4/4/2007 5.70% 11.75% 5.12% 3.09% 1.10% 0.93% 3/7/2007 5.53% 11.33% 5.07% 3.14% 1.05% 0.89% 2/7/2007 5.72% 12.19% 5.04% 3.01% 1.21% 0.82% 1/3/2007 5.68% 11.77% 5.09% 3.12% 1.08% 0.88%
