Reasonable, long-term coverage: Compared to other types of permanent life insurance, guaranteed universal life is a more affordable option for people who need coverage for the rest of their lives.
Premiums for levels: The premiums won’t change until you reach the maturity age you choose.
Because of this, it is simpler to budget for a GUL policy without experiencing the fluctuation that is common with other universal life insurance policies.
But if you live past the age limit, your premiums may go up a lot if you want to keep your insurance.
Guarantee of non-lapse:
A GUL policy will not be canceled even if the policy’s cash surrender value does not cover the cost of insurance, unlike non-guaranteed universal life. You’ll be covered as long as you pay your premiums on time.
Customizable: Some policies allow you to reduce your death benefit in the event of a change in life circumstances, and you can choose how long your premium guarantee lasts.
A return-of-premium rider, for example, provides a refund of paid premiums if you cancel the policy within a predetermined time frame.
