The Guarantees That Come With (GUL) Permanent Life Insurance Policies
The Solution: since the start of the early 2000’s and onward, permanent life insurance policies have taken a change for the best. The days of highly projected interest rate universal life insurance policies no longer exist. New and improved permanent life insurance policies or guaranteed universal life insurance policies (GUL) have been designed with a fixed premium that will never increase… GUARANTEED.
The permanent life insurance coverage is also guaranteed to last all the way to age 121. You will never need to worry about outliving the insurance coverage. Permanent life insurance policies do not have high interest rates. They do not focus as much on earning high cash values due to the fact that coverage is guaranteed regardless of the cash value build up. You will never need to worry about having to pay additional premiums to cover the increasing cost of insurance as you get older, regardless of the cash values earned from your policy.
Is Permanent Life Insurance Coverage the Best Type of Life Insurance?
Permanent life insurance policies offer a lot of guarantees making it hard to argue that they are not the best type of life insurance coverage. Permanent life insurance may not be for everyone however.
Permanent life insurance has a much higher premium compared to term life insurance.
If your needs are not permanent and only temporary, then you might want to consider looking at term life insurance policy.
If you find yourself with both temporary and permanent needs consider looking into purchasing both a term and permanent life insurance policy. You can always cover your temporary need with the term life insurance and your long term needs with the permanent life insurance.