Guaranteed Universal Life insurance has fixed premiums for a specified time frame or an entire lifetime. The specified time frames can have guaranteed death benefits to age 90, 95, 100, 115, 121, or any date in between. Guaranteed Universal life although it can build cash value is designed to keep the premiums level, not for withdrawal. This coverage is the least expensive permanent insurance option.
Guaranteed Universal Life insurance plans can have living benefits that allow you to accelerate (use) a portion of the death benefit while you are still living for things like Cancer, stroke, and heart attack. These policies are not limited to those three illnesses and cover as many as 16 others depending upon the insurance carrier. This gives you the ability to take care of things such as medical bills, mortgage payments, etc. Living Benefits are a great addition to any plan.
Guaranteed Universal Life insurance plans can be the lowest cost option for permanent protection. Contact us for further information.
GUL’s (Guaranteed Universal Life) are designed to last the duration of the policy. As long as you pay the minimum no lapse guarantee premiums the policy will stay in force.
There are some Guaranteed Universal Life plans that you don’t need a medical exam however the majority of plans still require an exam.
Yes! GUl’s can be set up in an unlimited number of ways. For example, a policy can be set up to be paid for in any number of year increments. 5 years, 6 years, 10 years…etc etc. These policies are flexible however a shorter payment term will mean a higher premium.
GUl’s are not designed for cash value growth but for death benefit. The plan grows just enough to kept the plan enforce for the specified date or the lifetime of the insured.