If you're comparing whole life and indexed universal life, someone has probably shown you an illustration. Maybe two. One of them had a bigger number at age 85, and it's hard to stop looking at it.
Both are permanent life insurance. Both build cash value you can borrow against, both grow tax-deferred, and both pay your family a death benefit that arrives income-tax-free. Side by side on a sales page, they can look like two versions of the same product.
They behave very differently in the one year that matters most: the year reality comes in below the illustration. Somebody absorbs that shortfall. In one policy it's mostly the insurance company. In the other it's mostly you.
We write both. This guide walks through guarantees, growth, cost, policy loans and the death benefit, with a verdict at the end of each section, so you can match the policy to the job you actually need it to do.
- Whole life puts the guarantees in the contract: the premium, the cash value schedule and the death benefit. Dividends from a mutual carrier come on top and are not guaranteed.
- An IUL guarantees a floor on the index credit, not on the account. Caps, crediting and the cost of insurance can all move after you buy.
- IUL wins on premium flexibility and illustrated upside. Whole life wins on certainty, loan predictability and a guaranteed death benefit.
- Taxes are a tie. Both fall under the same section of the tax code and receive the same treatment.
- The right choice depends on the job: a banking and collateral base, retirement income, legacy, or flexibility. For some readers the honest answer is term, or neither.
Written by Steve Gibbs, estate planning attorney with 18+ years in trusts, estates and asset protection. Fact-checked by Jason Kenyon, JD, with contributions from Barry Brooksby, whole life design specialist, and Jason Herring, IUL design specialist. In his practice, Steve saw how these policies end: some paid exactly as promised, and some had lapsed years before the family found out.
Insurance & Estates is independent, with access to carriers across the market and no obligation to any single company. We write whole life, indexed universal life, annuities and term, so we have no structural reason to steer you toward one of them. Read what our clients say on Trustpilot.
The obvious disclosure: our agents are paid commission on both products, and how that commission is calculated differs between them. That's why this article tells you where IUL wins, where whole life wins, and when neither one fits.
Table of Contents
The Short Answer: Who Carries the Risk
Every permanent life insurance policy comes with two sets of numbers. One is what the contract guarantees. The other is what the illustration projects. The guarantee is the insurance company's obligation. The gap between the guarantee and the projection is risk, and the real question in whole life vs. IUL is who holds it.
A useful way to see it is to sort assets into two kinds. A contractual asset pays what a contract says it pays. A risk asset pays whatever someone will pay for it on the day you sell. Most people already own plenty of the second kind through a 401(k) or a brokerage account.
Whole life is a contractual asset. The premium, the cash value at every policy year and the death benefit are written into the contract. A mutual carrier adds dividends on top. Dividends are not guaranteed, but once paid they become part of the policy's value and stay there. If dividends come in lower than illustrated, the policy grows more slowly. The guaranteed schedule underneath it does not change.
An IUL is a hybrid. The floor is contractual: in a down year, the index credit is typically 0% or 1% rather than a loss. Almost everything above the floor is set year by year. The carrier decides the cap and participation rate. The cost of insurance rises as you age and comes out of the account every month whether the index cooperated or not. When crediting runs below the illustration, the account absorbs the difference, and the fix is more premium, a smaller death benefit, or in the worst case a lapse.
Neither policy is a savings account in its first few years, and it's better to hear that from us now than from a statement later. Whole life cash value typically trails the premiums you've paid for several years while the policy absorbs its setup costs. An IUL carries a surrender charge schedule that commonly runs ten years or longer. How long the catch-up takes depends on how the policy is designed and funded, and it's the first number to ask about on either illustration.
How Whole Life and IUL Work
Whole life is a bundled contract. You pay a level premium, and the insurance company commits in writing to a cash value at every policy year and a death benefit for life. The costs of providing that coverage are built into the premium, so you don't see them itemized and they don't change. A whole life policy designed for cash accumulation pairs a smaller base premium with a paid-up additions rider, which buys small blocks of fully paid insurance that carry their own cash value from day one. That design choice is what moves early cash value life insurance numbers from slow to useful.
On top of the guarantees, a policy from a mutual carrier is eligible for annual dividends. Most owners who are building cash value use them to buy more paid-up additions, which compounds the policy on itself.
An IUL is an unbundled account. Your premium goes into the policy, and each month the carrier deducts the cost of insurance, administrative charges and any rider costs. Whatever remains earns interest, either at a declared fixed rate or through an index crediting strategy tied to an index like the S&P 500. You don't own the index. You own a formula that credits interest based on the index's movement, limited by a cap and a participation rate and protected by a floor. Every charge and credit shows on your statement, which is a real advantage. It's also a reminder that keeping the account ahead of the charges is your job.
On taxes, call it a tie. Both policies are governed by the same section of the tax code. Cash value grows tax-deferred in both. Policy loans are not taxable while either policy stays in force and is not a modified endowment contract. Withdrawals up to what you've paid in generally come out first and tax-free, and the death benefit reaches your beneficiaries income-tax-free. Anyone selling one of these on a tax advantage over the other is selling something besides the facts. The full tax picture applies equally to both.
Guarantees: The Column That Matters
Every illustration shows at least two columns: guaranteed and non-guaranteed. Most buyers look at the second one. The first one is the only number the insurance company is obligated to deliver, and it tells you more about the product than any projection does.
On a whole life policy designed for cash value, the guaranteed column keeps the policy in force for life on the premiums shown. The cash value grows every year, the death benefit holds, and the policy endows if you live long enough. Dividends make those numbers larger. They aren't needed to keep the policy alive.
On many IULs, the guaranteed column tells a different story. Run at the guaranteed minimum crediting rate and the maximum cost of insurance the contract allows, the policy often lapses, sometimes in your 70s or 80s, unless more premium goes in. That's not a hidden flaw. It's the design: the carrier has guaranteed a floor on the credit, not an outcome for the account.
That distinction is the one IUL buyers most often miss. A 0% floor protects the index credit in a down year. It does not protect the cash value, because the cost of insurance and policy charges still come out that year. Think of a parked car with the meter running. The car isn't moving, and the bill keeps climbing anyway. It's why the question "can you lose money in life insurance?" has a different answer for each product.
Whole Life | IUL | |
|---|---|---|
Guaranteed | Premium, cash value at every year, death benefit, cost structure | Floor on the index credit (often 0% to 1%), maximum cost of insurance, minimum fixed-account rate |
Can change after you buy | Dividend amount | Caps, participation rates, spreads, actual cost of insurance (up to the maximum), required premium to stay in force |
Who absorbs a shortfall | Mostly the carrier; you see slower growth | Mostly you; you see more premium, a smaller death benefit, or lapse risk |
Growth: Dividends vs. Index Crediting
This is where an IUL makes its case, and it's a real one. In a strong stretch for the index, an IUL can credit more than a whole life policy's dividend, and its illustrations usually project a higher long-term number. Here's what sits underneath both.
Why IUL caps move
Most buyers assume caps track the stock market. They mostly track the bond market. The carrier invests your premium in its general account, largely bonds, and spends roughly the interest it would otherwise credit you on options tied to the index. That spending is the option budget, and it sets the cap. When interest rates rise, the budget grows and caps can rise. When markets get volatile, options cost more and caps can fall. Your cap is set by the carrier's bond yields and the price of options, not by where the S&P 500 is trading, and it can be lowered after you buy, down to a contractual minimum that is usually low.
The illustration shows a steady rate. Real crediting doesn't arrive that way.
An IUL illustration applies the same crediting rate every year for decades. Real crediting comes in uneven: strong years clipped by the cap, flat years at the floor. Two things follow. The cap trims the best years, so the gains that would lift the long-run average get cut off. And the zero years still pay the full cost of insurance and charges, which come out monthly no matter what the index did. A real sequence with the same average as the illustration can land meaningfully below it, especially once loan interest is in the picture.
Regulators have noticed. State insurance regulators, through the National Association of Insurance Commissioners, have issued three rounds of rules for IUL illustrations: Actuarial Guideline 49 in 2015, AG 49-A in 2020 and AG 49-B in 2023. Each one limited how high an illustration could project, closing a workaround the previous version left open. When the gap between illustration and reality goes wrong at scale, it ends up in court, as it did in the Kyle Busch IUL lawsuit.
Whole life has its own illustration trap
The whole life version is quieter but real. Carriers announce a dividend interest rate each year, and some agents quote it as if it were your return. It isn't. Your cash value grows at what's left after mortality and expense charges, which is a lower number. Any whole life illustration that shows cash value catching up to premiums paid in the first year or two deserves a hard second look.
Dividends also depend on who issues the policy. They come from mutual carriers, which are owned by their policyholders. A whole life policy from a stock company may pay no dividend at all, and comparing an IUL against one of those isn't a fair test of whole life. The difference between mutual and stock carriers matters before you compare anything else.
What whole life gives up in upside, it makes up in direction. Guaranteed cash value moves one way. It isn't marked to market, so a bad year in stocks or bonds doesn't reprice it, and dividends at the strongest mutual carriers have historically tended to rise when interest rates rise. That's a different job from what an IUL does, which is why we compare it to bonds more often than to the stock market.
Cost of Insurance, Funding and Flexibility
Level cost vs. rising cost
Whole life prices the cost of your coverage for your entire life up front and spreads it into a level premium. You pay more than the pure cost of insurance when you're young and less than it when you're old. The carrier manages the difference, and the internal cost doesn't climb.
An IUL charges the cost of insurance for your actual age each year, so it's cheap early and rises steadily, sharply in your 70s and 80s. A well-funded IUL with a large cash value absorbs that easily, especially once the policy has been shifted to a level death benefit to reduce the amount the carrier has at risk. An underfunded one, or one where crediting fell short, can watch rising charges outrun the growth. That's the path to the letter owners dread: pay significantly more, or lose the coverage. The carrier can also raise the actual charge up to the contract's guaranteed maximum, and some carriers have done exactly that on universal life blocks.
Flexibility is IUL's real advantage, but the gap is smaller than it's usually drawn
An IUL's premium is flexible. You can pay more in a strong year, less in a tight one, or skip years entirely, as long as the account covers its charges. For someone with uneven income, that's worth a lot.
Whole life is usually described as rigid, and the base premium is fixed. But a policy designed for cash value has more give than that description suggests:
The paid-up additions premium can vary. In most designs it can be raised or lowered year to year within the policy's limits.
Lump sums can go in. Many carriers allow additional deposits, up to the limits that keep the policy from becoming a modified endowment contract.
The base premium can be covered from inside the policy. Dividends or a policy loan can pay it in a year you'd rather not.
There's an exit that keeps the coverage. If you stop paying altogether, reduced paid-up converts the policy to a smaller death benefit that needs no further premium. Here's what happens if you stop paying.
The honest limit: many carriers have use-it-or-lose-it rules on paid-up additions, so skipping several years can permanently reduce how much you're allowed to put in later. An IUL still wins on skipping years and catching up. The gap is narrower than "fixed vs. flexible" makes it sound.
The early-years cost is shaped differently
An IUL states its early-years cost openly as a surrender charge, a schedule that declines over a period commonly ten years or longer. Whole life has no separate surrender charge. Its early cost shows up as cash value sitting below premiums paid, and the more of the premium that goes to paid-up additions, the smaller that gap. Both products charge for getting started. They just put the bill in different places.
Policy Loans: Where the Two Really Split
For many buyers, the reason to own either policy is access to the cash value while they're alive. Both let you borrow against the policy without a credit check, an application or a repayment schedule set by someone else. The loan comes from the insurance company's general account, and your cash value is the collateral. How that collateral behaves while the loan is out is where whole life and IUL part ways.
Whole life loans
With whole life, the cash value under the loan keeps growing on its guaranteed schedule, and the loan rate is either fixed or variable depending on the carrier. The main design choice is how the carrier treats dividends on the borrowed portion. A direct recognition carrier adjusts the dividend on borrowed dollars. A non-direct recognition carrier pays the same dividend whether you've borrowed or not. Each has real advantages depending on the rate environment and how you plan to use the policy, and neither one is a flaw. What both share is a collateral base that doesn't go down, so the math on a loan is something you can plan around.
IUL loans
Most IULs offer at least two loan types:
A fixed loan. The borrowed amount is moved out of the index strategy and credited at a set rate close to the loan rate. The net cost is small and predictable, and the borrowed dollars stop participating in the index.
A participating loan (sometimes called an indexed or variable loan). The borrowed dollars stay in the index strategy. If the index credits more than the loan rate, you come out ahead on the spread. If it credits less, you pay the difference.
Participating loans are where many IUL retirement-income illustrations get their best numbers, because the illustration assumes the same crediting rate every year, which means a positive spread every year. Real crediting includes 0% years. In a 0% year, the loan interest is a pure cost, and the charges come out on top of it. A few of those in a row early in retirement can change how long the income lasts.
The risk both share: borrowing past the cash value
Unpaid loan interest is added to the loan. If the loan balance grows past the cash value, the policy lapses, and that lapse can create a tax bill. The IRS treats the loan payoff as a distribution, so any amount above what you paid in becomes taxable income in that year, with no cash arriving to pay it. This applies to whole life and IUL alike. Many IULs, and some whole life policies, offer an overloan protection rider that converts the policy to paid-up coverage before it lapses, with conditions attached.
The warning sign is easy to miss because it isn't the headline number on most statements. The gross cash value can keep rising for years while the loan grows faster underneath it. What shrinks is net equity, the cash value minus the loan. Track that number, not the gross one. A sensible working rule is to keep loans well under the cash value, around half, and to know before the money goes out what will pay it back. More on whether you have to repay a policy loan and the pros and cons of borrowing.
A Side-by-Side Example
The only fair way to compare these two products is the same person, the same premium and the same funding period, run through both, with both columns showing. Most comparisons online skip that step, or use an illustration from a stock company whole life policy that pays no dividend, which is a test whole life is set up to lose.
When you look at a side-by-side, these are the numbers worth finding:
Cash value IRR at year 20, 30 and 40. The internal rate of return on your premiums, measured by what you could access while living. This is the living return. On the illustrated column, an IUL typically shows the higher number. Check what happens to it at a rate two points lower.
Death benefit IRR at life expectancy. The rate of return on your premiums measured by what your family receives. This is the legacy return, and it's income-tax-free. It's very high if death comes early and declines with age, so it has to be pinned to a specific age to mean anything.
Both IRRs on the guaranteed column. Whole life produces a number at every age. On many IULs, the guaranteed column shows the policy lapsing at an advanced age, which means a death benefit IRR of nothing at that point.
Keep the two IRRs separate. Blending them into one "total return" makes a modest living return look larger than it is, and anyone checking the math will catch it. Shown side by side, each one holds up on its own, and the comparison tells you what each policy is actually built to do. You can see how whole life cash value builds year by year on our whole life illustration page.
The Death Benefit and Liquidity
Most comparisons treat the death benefit as an afterthought. From the estate planning side of the table, it's often the point.
When someone dies, the family needs cash quickly: for taxes, final expenses, the costs of administering the estate, and to keep from selling things they'd rather keep. Without it, the first assets to go are whatever can be sold fastest, often at a bad price. When there's a business, it can usually go to only one child, and the others are left asking where their share is. A death benefit solves that one problem cleanly. It isn't a substitute for a good plan. It's the liquidity a plan needs to work, and in our experience that need shows up whenever there's more than one heir, even in families who get along well.
For that job, the death benefit has to be there when it's needed, at whatever age that turns out to be.
Whole life guarantees it. As long as the premiums are paid and loans are kept in check, the death benefit is in force for life, and in a policy that uses dividends to buy paid-up additions, it grows over time.
An IUL's death benefit is only as durable as the account behind it. A well-funded IUL can carry a large death benefit for life. But on the guaranteed column, many don't, and a no-lapse guarantee rider that locks the death benefit in typically requires a funding pattern that works against building cash value. You can usually have a strong guaranteed death benefit or strong accumulation from an IUL. Getting both is harder.
A guaranteed death benefit also changes how you can spend the rest of your money. If you know a set amount will reach your family no matter when you die, you can spend down other retirement assets more freely, instead of holding them back as an inheritance you're afraid to touch. That permission is worth more than most illustrations show. If estate taxes are a concern, ownership matters too; an irrevocable life insurance trust can keep the death benefit out of the taxable estate. Our estate planning life insurance guide covers the rest.
Where IUL Wins
An honest comparison has to say this part plainly. There are buyers for whom an IUL is the better tool, and our IUL specialists place them for exactly these reasons:
Uneven income. Business owners, commissioned professionals and anyone whose income swings year to year can fund an IUL heavily in good years and lightly in lean ones. Whole life's paid-up additions narrow that gap, but an IUL still handles skipped years better.
Higher earners who have used up other tax-advantaged room. For someone already maxing out retirement plans and above the income limits for a Roth, an IUL funded at the maximum allowed and monitored every year can be a strong source of tax-advantaged retirement income.
Upside with a floor. Someone who wants some participation in market gains without direct exposure to losses, and who accepts the caps, gets something whole life doesn't offer.
Lower starting cost. For the same death benefit, an IUL usually requires a lower premium in the early years. If the goal is only the lowest-cost permanent death benefit, guaranteed universal life is often cheaper still.
Living benefit riders. Many IULs include chronic illness riders, often with no upfront charge, and the selection tends to be broader than on whole life. Remember those riders draw on the death benefit, so they're only as reliable as the policy behind them. Here's how chronic illness and long-term care riders differ.
Transparency. Every charge and credit is itemized. For an owner who will actually read the annual statement, that visibility is useful.
Every one of these comes with the same condition: the policy has to be designed for that goal, funded the way it was designed, and reviewed every year. Our IUL specialist covers who should and shouldn't own one in Is IUL Worth It?
Which One for Infinite Banking?
The idea of using a policy as your own source of financing started with Nelson Nash, and he built it on dividend-paying whole life from mutual carriers. The reasoning holds up: a banking strategy depends on borrowing against a known value and repaying on a known schedule. Whole life's guaranteed cash value, level costs and growth that doesn't depend on the market give you that.
An IUL can be used the same way, and some owners do it successfully. The trade-off is that the collateral can move. A few low-credit years against rising charges can leave the cash value below where the plan assumed, right when you were counting on borrowing against it. We cover the full case in infinite banking with IUL, and the mechanics of the strategy in how to become your own banker.
Which One Fits Your Goal
"It depends" is true, and it's also the least useful answer in this industry. Here's what it depends on, and where we land for each job.
If the job is... | Better fit | Why |
|---|---|---|
A base you borrow against and repay, for real estate, a business or major purchases | Whole life | Collateral that only moves up makes the loan math predictable |
A buffer you can draw from in retirement when markets are down | Whole life | Cash value isn't marked to market, so a bad year doesn't reprice it |
Tax-advantaged retirement income for a high earner with other accounts maxed out | IUL, designed and funded for it | More upside as illustrated, for an owner who will fund it fully and review it every year |
Liquidity for your heirs and a legacy that has to be there | Whole life | A guaranteed death benefit, in force for life |
Uneven income and the freedom to skip years | IUL | Flexible premiums, as long as the account covers its charges |
The lowest-cost permanent death benefit, with no interest in cash value | Neither: guaranteed universal life | Built for the death benefit alone, usually at a lower premium than either |
Coverage for a set period, like while the kids are home or the mortgage is open | Neither: term life | Cheaper protection for a defined need; see whole life vs. term |
You can't yet commit to funding a policy for several years | Neither, yet | Both carry an early-years cost. Convertible term can hold your insurability until you're ready |
Some owners don't choose at all. A whole life policy as the foundation, with an IUL alongside it for accumulation, is a reasonable structure for someone who wants both certainty and upside and can fund both.
Whole life vs. IUL at a glance
Feature | Whole Life | IUL |
|---|---|---|
Premium | Base premium fixed; paid-up additions adjustable within limits | Flexible, as long as charges are covered |
Cash value | Guaranteed at every policy year, plus non-guaranteed dividends | Not guaranteed; floor applies to the index credit only |
Growth driver | Guaranteed schedule plus dividends from a mutual carrier | Index crediting with a cap, participation rate and floor |
Cost of insurance | Level, built into the premium | Rises with age; can be raised up to a guaranteed maximum |
Early-years cost | Cash value below premiums paid for several years | Surrender charge schedule, commonly ten years or longer |
Policy loans | Collateral keeps growing on a guaranteed schedule | Fixed or participating; participating loans can win or lose on the spread |
Death benefit | Guaranteed for life; grows with paid-up additions | Depends on funding and crediting unless a no-lapse rider is added |
Taxes | A tie: same tax-deferred growth, same loan treatment, same MEC rules, same income-tax-free death benefit | |
Ongoing attention | Low, though loans still need watching | High: an annual review at minimum |
Best for | Certainty, borrowing against a predictable base, legacy and liquidity | Flexibility and upside for an owner who funds fully and monitors closely |
Before You Buy Either
Whichever way you lean, these questions will tell you more than the bottom line of any illustration:
What is actually guaranteed here? Ask to see both columns, and read the guaranteed one first.
What happens if the non-guaranteed results come in lower? Ask for the whole life illustration on a reduced dividend scale, and the IUL run at a rate two points below the illustrated rate. A policy that only works at the projected rate doesn't really work.
How much might I have to pay to keep this coverage? On an IUL especially, ask at what age the guaranteed column lapses, and what it would cost to prevent that.
When does the cash value catch up to what I've paid in? And on an IUL, how long does the surrender charge schedule run?
Who is issuing it? For whole life, confirm it's a mutual carrier that pays dividends. For either, check the carrier's financial strength.
Who will review this with me every year? Every carrier will run an in-force illustration on request. Somebody needs to read it with you, especially once there's a loan on the policy.
How is the agent paid? It's a fair question for either product, and a good agent will answer it directly. Here's how life insurance commissions work.
Whole life and IUL can serve similar goals by very different routes. Don't choose based on the loudest pitch or the biggest number on the last page. Understand the contract, the funding commitment, and what happens when reality doesn't follow the illustration. Then pick the one designed for your goal.
Frequently Asked Questions
Is IUL better than whole life?
Neither is better in general. They're built for different jobs. Whole life is better when you need certainty: guaranteed cash value, a guaranteed death benefit and predictable borrowing. An IUL is better when you need premium flexibility and want index-linked upside, and you're willing to fund the policy fully and review it every year. The right question is which one fits what you need the money to do.
Which builds cash value faster, IUL or whole life?
On the illustrated column, an IUL typically projects more cash value over the long run, because it assumes steady index crediting. Whole life grows more slowly but on a guaranteed schedule, and a design that puts more of the premium into paid-up additions builds early cash value faster. Compare both policies at the same premium, and look at the IUL at a lower crediting rate before deciding the IUL is ahead.
Can you lose money in an IUL?
Not from a market drop directly. The floor keeps the index credit from going negative. But the cost of insurance and policy charges come out every month regardless, so in a 0% year the cash value can go down. Over several weak years, an underfunded IUL can lose cash value and eventually lapse. Here's how you can lose money with life insurance, and how to avoid it.
Is whole life or IUL better for retirement income?
An IUL designed for income often illustrates more retirement income, especially using participating loans. Whole life illustrates less but with far fewer ways for the income to fall short, and it works well as a buffer you draw from in years when your investments are down. Many retirees are better served by knowing exactly what they can count on than by a higher projection.
Why is whole life more expensive than IUL?
Because more of it is guaranteed. Whole life prices your lifetime cost of insurance up front into a level premium and commits to your cash value in writing. An IUL charges the cost of insurance for your current age, which starts low and rises, and leaves more of the risk with you. The early premium is lower; the long-term cost depends on how the policy is funded and how crediting goes.
Can I switch from an IUL to whole life, or the other way?
Yes, through a 1035 exchange, which moves the cash value into a new policy without triggering tax. The new policy starts its own early-years costs, and an IUL still inside its surrender period will charge you to leave. It can make sense for an IUL that's underperforming or a goal that has changed, but run the numbers on both policies first.
Do IUL and whole life get the same tax treatment?
Yes. Both grow tax-deferred, both allow loans that aren't taxable while the policy is in force, both follow the same rules for modified endowment contracts, and both pay a death benefit that's income-tax-free to your beneficiaries. The difference between them is risk and structure, not taxes.
Is IUL a scam?
No. It's a legitimate, regulated product. The problems come from how it's sometimes sold: illustrations at the highest allowed crediting rate, policies funded below what they need, and no annual review afterward. When those three line up, the results can end in court, as in the Kyle Busch IUL case. Designed for a clear goal, funded as designed and reviewed every year, an IUL can do what it's meant to do.
Can I own both?
Yes, and some of our clients do. A common structure uses whole life as the foundation for borrowing and legacy, with an IUL alongside it for additional accumulation. It works best when each policy has a clear job and you can fund both without straining either.
Next Step: Find Out Which One Fits Your Goal
A Fit Call is a conversation, not a pitch. Bring your numbers and your questions. Because we write whole life, IUL, annuities and term, we can tell you which one fits what you're trying to do, and we'll tell you plainly if neither does.
