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:

  1. Implied volatility using 3rd party institutional data
  2. 12 month LIBOR as a proxy for the Risk Free Rate
  3. A hypothetical insurer new money option budget equal to:
    1. 70% of the current Moody’s Aaa yield plus
    2. 30% of the current Moody’s Baa yield

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.

Most Recent Observation

DateOption BudgetMarket Index CapMarket Index Par Rate10% Cap Price
4/21/20213.12%6.4%48%4.3%

Historical Data

DateOption BudgetMarket Index CapMarket Index Par Rate10% Cap Price
5/26/20213.09%6.2%48%4.5%
5/19/20213.24%6.4%46%4.6%
5/12/20213.27%6.4%44%4.7%
5/5/20213.09%6.4%47%4.4%
4/28/20213.13%6.4%48%4.4%
4/21/20213.12%6.4%48%4.3%
4/14/20213.12%6.5%47%4.3%
4/7/20213.16%6.5%49%4.3%
3/31/20213.26%6.5%49%4.5%
3/24/20213.24%6.4%44%4.7%
3/17/20213.38%6.8%46%4.6%
3/10/20213.20%6.4%42%4.6%
3/3/20213.14%6.1%39%4.8%
2/24/20213.08%6.0%39%4.7%
2/17/20212.89%5.5%36%4.8%
2/10/20212.80%5.3%35%4.8%
2/3/20212.84%5.4%35%4.8%
1/27/20212.65%5.0%30%4.9%
1/20/20212.68%5.0%36%4.8%
1/13/20212.68%5.1%36%4.7%
1/6/20212.65%5.0%34%4.8%
12/30/20202.49%4.6%33%4.8%
12/23/20202.56%4.8%34%4.8%
12/16/20202.54%4.7%34%4.8%
12/9/20202.56%4.9%35%4.7%
12/2/20202.53%4.8%34%4.6%
11/25/20202.54%5.0%34%4.6%
11/18/20202.56%5.0%33%4.6%
11/11/20202.72%5.2%36%4.7%
11/4/20202.61%5.0%32%4.7%
10/28/20202.65%5.0%28%4.8%
10/21/20202.72%5.2%33%4.8%
10/14/20202.60%5.0%32%4.7%
10/7/20202.72%5.3%31%4.7%
9/30/20202.66%5.2%30%4.8%
9/23/20202.63%4.9%29%4.9%
9/16/20202.63%5.0%31%4.7%
9/9/20202.69%5.1%31%4.8%
9/2/20202.57%4.9%30%4.8%
8/26/20202.69%5.0%34%4.8%
8/20/20202.63%4.9%32%4.8%
8/12/20202.49%4.6%31%4.8%
8/5/20202.36%4.3%29%4.9%
7/29/20202.37%4.3%28%4.9%
7/22/20202.43%4.4%30%5.0%
7/15/20202.51%4.6%29%5.0%
7/9/20202.60%4.8%30%5.0%
7/2/20202.75%5.0%31%5.0%
6/24/20202.78%5.1%30%5.0%
6/18/20202.78%5.1%29%5.0%
6/11/20202.82%5.2%34%4.9%
6/4/20202.82%5.3%33%4.9%
5/27/20202.82%5.2%32%5.0%
5/20/20202.91%5.4%32%5.0%
5/13/20203.09%5.8%28%5.1%
5/6/20203.04%5.8%28%5.0%
4/29/20202.83%5.3%30%5.0%
4/22/20202.83%5.4%25%5.0%
4/16/20202.78%5.3%26%4.9%
4/9/20203.15%6.1%30%4.9%
4/2/20203.30%6.5%26%4.9%
3/25/20203.84%8.0%34%4.7%
3/18/20203.73%7.0%23%5.2%
3/12/20203.01%5.9%24%4.9%
3/4/20202.89%5.3%42%4.8%
2/26/20202.96%5.4%43%4.8%
2/20/20203.01%5.8%52%4.5%
2/5/20203.11%5.9%54%4.5%
1/29/20203.12%5.8%53%4.7%
1/23/20203.17%5.9%55%4.6%
1/16/20203.22%6.1%56%4.5%
1/8/20203.27%6.2%55%4.6%
1/2/20203.30%6.2%55%4.6%
12/18/20193.28%6.1%54%4.7%
12/13/20193.23%6.0%52%4.7%
12/3/20193.30%5.9%50%4.9%
11/27/20193.26%6.0%53%4.7%
11/20/20193.34%6.2%53%4.7%
11/13/20193.40%6.4%53%4.7%
10/31/20193.35%6.2%54%4.6%
10/24/20193.30%6.1%52%4.7%
10/16/20193.34%6.2%52%4.8%
10/9/20193.20%5.8%46%5.0%
10/2/20193.24%6.0%46%4.9%
9/24/20193.28%6.0%48%4.9%
9/4/20193.13%5.9%47%4.7%
8/27/20193.17%5.9%45%4.8%
8/21/20193.18%6.0%49%4.7%
8/14/20193.28%6.3%48%4.7%
8/8/20193.40%6.7%54%4.6%
7/25/20193.61%7.0%62%4.5%
7/9/20193.55%6.9%61%4.5%
7/3/20193.54%6.9%63%4.5%
6/26/20193.62%7.2%59%4.6%
6/20/20193.72%7.7%64%4.4%
6/12/20193.80%7.6%61%4.6%
6/5/20193.83%7.6%61%4.6%
5/16/20193.97%7.8%64%4.8%
5/1/20193.99%7.7%67%4.7%
4/18/20194.03%7.8%67%4.6%
4/12/20193.96%7.8%63%4.6%
3/27/20193.98%7.6%63%4.7%
3/20/20194.14%8.5%68%4.7%
3/13/20194.12%8.2%66%4.7%
3/7/20194.18%8.2%64%4.8%
2/27/20194.11%8.2%65%4.7%
2/15/20194.13%8.3%61%4.6%
1/30/20194.22%8.9%62%4.8%
1/23/20194.32%8.9%61%4.8%
1/16/20194.35%8.8%61%4.7%
1/2/20194.36%9.2%55%4.6%
12/12/20184.35%9.2%56%4.7%
11/14/20184.51%9.3%61%4.9%
10/17/20184.41%9.5%68%4.8%
9/12/20184.22%9.1%71%4.6%
8/15/20184.14%9.0%69%4.7%
7/18/20184.13%9.3%71%4.6%
6/13/20184.24%9.3%72%4.6%
5/16/20184.31%9.4%73%4.6%
4/18/20184.06%8.6%64%4.7%
3/14/20184.08%8.5%63%4.7%
2/14/20184.09%8.9%63%4.6%
1/17/20183.72%8.7%71%4.2%
12/13/20173.69%8.2%71%4.3%
11/15/20173.80%8.2%68%4.4%
10/18/20173.79%8.9%75%4.2%
9/13/20173.87%9.2%73%4.2%
8/16/20173.84%9.1%75%4.2%
7/12/20173.93%9.4%75%4.2%
6/14/20173.86%9.0%72%4.2%
5/17/20173.98%9.1%69%4.3%
4/12/20174.06%9.8%73%4.3%
3/15/20174.26%10.4%76%4.3%
2/15/20174.22%10.5%77%4.2%
1/18/20174.13%9.5%70%4.4%
12/14/20164.31%10.2%70%4.4%
11/16/20164.13%9.3%66%4.5%
10/12/20163.77%7.7%59%4.6%
9/14/20163.77%7.6%55%4.7%
8/17/20163.59%7.4%58%4.5%
7/13/20163.52%7.6%59%4.4%
6/15/20163.75%7.4%53%4.7%
5/18/20164.02%8.4%60%4.6%
4/13/20163.95%8.3%63%4.6%
3/16/20164.22%9.0%64%4.6%
2/17/20164.46%9.4%57%4.7%
1/13/20164.33%9.2%56%4.7%
12/16/20154.46%9.9%68%4.5%
11/18/20154.50%10.4%70%4.4%
10/14/20154.32%9.6%63%4.5%
9/16/20154.56%10.3%65%4.5%
8/12/20154.33%10.4%75%4.3%
7/15/20154.52%12.0%81%4.2%
6/17/20154.43%10.8%75%4.3%
5/13/20154.33%10.2%72%4.3%
4/15/20153.77%8.4%65%4.3%
3/18/20153.86%8.8%67%4.3%
2/18/20153.99%9.2%67%4.3%
1/14/20153.75%8.2%57%4.4%
12/17/20144.05%9.3%61%4.3%
11/12/20144.21%10.9%75%4.1%
10/15/20144.02%8.8%57%4.4%
9/17/20144.43%12.4%83%4.0%
8/13/20144.30%11.1%76%4.1%
7/16/20144.34%12.9%87%3.9%
6/18/20144.42%14.5%88%3.8%
5/14/20144.31%12.6%82%3.9%
4/16/20144.39%11.9%81%4.0%
3/19/20144.66%13.7%84%4.0%
2/19/20144.69%14.0%84%4.0%
1/15/20144.72%15.5%89%3.9%
12/18/20134.86%14.6%87%4.0%
11/13/20134.90%14.6%85%4.0%
10/16/20134.80%13.7%83%4.0%
9/18/20134.87%14.6%86%4.0%
8/14/20134.80%13.8%84%4.0%
7/17/20134.58%12.9%78%4.0%
6/19/20134.57%11.6%73%4.1%
5/15/20134.18%11.7%72%3.9%
4/17/20133.94%9.7%64%4.1%
3/13/20134.25%12.0%76%4.0%
2/13/20134.23%11.3%74%4.0%
1/16/20134.02%9.4%63%4.2%
12/19/20124.03%9.3%59%4.2%
11/14/20123.75%8.2%51%4.3%
10/17/20123.87%8.9%58%4.3%
9/19/20123.94%8.7%56%4.4%
8/15/20124.07%8.8%52%4.5%
7/18/20123.80%7.9%50%4.5%
6/13/20124.07%8.2%44%4.9%
5/16/20124.11%8.7%48%4.7%
4/18/20124.28%9.1%55%4.6%
3/14/20124.51%9.6%59%4.6%
2/15/20124.20%8.8%50%4.7%
1/18/20124.20%8.8%49%4.7%
12/14/20114.26%8.6%41%4.8%
11/16/20114.29%8.6%40%4.9%
10/19/20114.40%9.1%41%4.8%
9/14/20114.50%9.4%43%4.7%
8/17/20114.64%10.0%52%4.7%
7/13/20115.11%12.3%68%4.4%
6/15/20115.19%12.7%69%4.4%
5/18/20115.18%12.9%73%4.4%
4/13/20115.43%13.5%74%4.5%
3/16/20115.29%12.3%62%4.6%
2/16/20115.53%16.0%85%4.2%
1/19/20115.34%13.7%72%4.4%
12/15/20105.50%14.0%72%4.4%
11/17/20105.29%12.6%61%4.5%
10/13/20104.97%11.2%56%4.6%
9/15/20104.94%10.8%54%4.7%
8/18/20104.78%10.2%48%4.7%
7/14/20105.16%11.1%51%4.8%
6/16/20105.37%11.7%56%4.8%
5/19/20105.22%11.6%49%4.7%
4/14/20105.60%14.9%77%4.3%
3/17/20105.48%14.5%76%4.3%
2/17/20105.76%15.2%71%4.4%
1/13/20105.61%14.7%74%4.3%
12/16/20095.62%13.7%63%4.4%
11/18/20095.52%13.2%60%4.5%
10/14/20095.59%13.6%61%4.4%
9/16/20095.54%13.1%59%4.5%
8/19/20095.61%13.1%56%4.5%
7/15/20096.04%14.0%58%4.6%
6/17/20096.12%14.2%55%4.6%
5/13/20096.18%14.7%52%4.5%
4/15/20096.21%14.8%45%4.5%
3/18/20096.37%15.1%47%4.5%
2/18/20096.02%13.4%41%4.7%
1/14/20095.76%12.9%38%4.6%
12/17/20085.92%13.5%37%4.6%
11/12/20087.16%15.9%43%4.8%
10/15/20087.12%16.0%48%4.8%
9/17/20086.08%13.8%56%4.7%
8/13/20086.15%14.2%67%4.7%
7/16/20086.15%14.0%65%4.7%
6/18/20086.12%13.6%65%4.8%
5/14/20086.02%14.6%73%4.7%
4/16/20086.11%14.7%69%4.6%
3/12/20085.91%13.4%60%4.7%
2/13/20085.91%13.4%63%4.7%
1/16/20085.66%12.6%59%4.8%
12/12/20075.86%12.4%61%5.0%
11/14/20075.80%12.1%57%5.0%
10/17/20075.91%12.8%66%5.0%
9/12/20075.92%12.4%63%5.1%
8/15/20076.14%13.0%62%5.1%
7/18/20075.98%13.3%74%5.0%
6/13/20076.15%14.6%84%4.9%
5/16/20075.73%12.7%82%4.9%
4/18/20075.69%13.2%85%4.9%
3/14/20075.57%12.5%78%4.9%
2/14/20075.67%14.9%87%4.8%
1/17/20075.71%13.7%85%4.9%