If you need long-term coverage and have money saved elsewhere, get guaranteed universal life insurance.
A guaranteed universal life policy, which typically costs less than a whole life policy, can provide protection for life.
If you want a death benefit that can help your heirs pay expenses related to your death, such as estate taxes or inherited debts.
But don’t need the cash value from a life insurance policy that you could use while you’re alive, or if you can’t afford a cash-value policy, you might want to look into a GUL policy.
With a GUL, all of your premium goes toward purchasing the highest possible death benefit for your budget, with little or no cash value.
If you have someone, like a child with special needs, who will always need your financial support, a GUL policy might also be a good choice.
Likewise with different types of extremely durable life coverage, the GUL strategy can give the cash to get their future after you die.
