One of the policies for permanent life insurance with the lowest premiums is guaranteed universal life insurance.
Numerous factors, including your age, health status, coverage amount, desired duration of coverage, and insurance provider, will influence your cost. It might cost just a little bit more than term life insurance.
Can the Guaranteed Universal Life Insurance Coverage Amount Be Modified?
On guaranteed universal life insurance, the amount of coverage you have can typically be reduced.
You may also be able to increase your coverage with some insurers, but you may need to pass underwriting again. Check the terms of your insurance contract.
Does not provide true lifetime coverage: If you live beyond the GUL’s maturity age, your coverage may end or you may have to pay significantly more to extend it.
If you set the GUL maturity age for 90 or 95, this could become a problem if you have a long life expectancy.
Unlike whole life insurance, a GUL does not provide guaranteed coverage for life at a fixed price.
