As an avid woodworker, I have a tool collection that would be the envy of Bob Villa. My workshop contains some very highly specialized tools accurate to 1/100th of an inch. This kind of precision is necessary for things like cutting dovetail joints, but not everything I do requires that kind of rigor. Some of my favorite tools are consumer-oriented devices that have multiple applications. Oftentimes, these multi-taskers are the ones I reach for.
Critics of permanent insurance may argue that insurance is not a good investment, that term is a cheaper way to provide a death benefit, that surrender charges are too long, that product design is too complicated, and so on. While I disagree with most of those statements, I am willing to concede on all of them for the purpose of this article and stand by permanent insurance (especially IUL) solely on the grounds that it is the best multitasker in the tool box.
There simply is no other financial product that can protect against life's uncertainties better than IUL. Let's consider all that it can do:
Death Benefit:
While term may be a cheaper way to protect against premature death, by definition most people don't die prematurely. Permanent life insurance is the only effective way to provide a death benefit over both the short term and the long term.
Longevity:
The opposite of dying too soon is living too long and both are equally risky. Permanent life insurance can mitigate the risk of outliving assets by providing an income stream via loans/withdrawals or by selling the policy as a life settlement.
Disability:
Not only can the account values be accessed to replace lost income due to disability, certain riders are available that can continue making the premium payments while the insured is disabled.
Long Term Care:
Many of today's policies will advance a portion of the death benefit to cover long-term care needs. Even if this rider is not available or not exercised, the death benefit can be used to repay the children if the children become responsible for their parent's care.
Protection Against Market Volatility:
Social Security Protection: 
