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:
Implied volatility using 3rd party institutional data
12 month Treasury yield Stated execution prices provided by 3rd party
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 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%
