Where Insurance & Financial Planning Meet
GUL
Guaranteed Universal Life Insurance
Guaranteed Universal Life Insurance is a product that can provide death benefit guarantees at a lower premium outlay than Whole Life Insurance. It does this by reducing or removing the cash value element from the product. GUL as its called in the industry can provide;
Financial protection—guaranteed death benefit up to a lifetime and the assurance that market conditions won’t affect your coverage
Guaranteed fixed premium rates—that won’t increase years from now
Customize your policy and select the coverage amount, duration, and premium to meet your needs and budget
A return of premium option—giving your client flexibility if their needs change in the future
GUL Premium Flexibility, Features, & Riders
Policy Loans
Guaranteed Universal Life by design has little to no cash value, and it’s unique characteristics make borrowing almost impossible in most circumstances. Removing account values through withdrawals or loans could seriously jeopardize the no-lapse feature and cause the policy to lapse. If you want access to cash value, this product is not for you. However, if you want a guaranteed premium and death benefit at a lower premium outlay than whole life, consider the GUL.
No Lapse Guarantee
What makes Guaranteed Universal Life unique is the no-lapse feature that keeps the coverage in place for as long as the policyowner desires. However, the no-lapse guarantee is dependent on premium timing. The premiums must be paid on time, or the death benefit guarantee may be reduced or lost. Think of the policy as level term insurance for life or any period you want to be covered.
Guaranteed Universal Life by design has little to no cash value, and it’s unique characteristics make borrowing almost impossible in most circumstances. Removing account values through withdrawals or loans could seriously jeopardize the no-lapse feature and cause the policy to lapse. If you want access to cash value, this product is not for you. However, if you want a guaranteed premium and death benefit at a lower premium outlay than whole life, consider the GUL.
Policy Riders
Some optional provisions, commonly referred to as riders, can be added to a guaranteed universal life policy, generally through payment of an additional premium. Riders can be extremely useful in tailoring the coverage to meet your specific needs. Some common Guaranteed Universal Life Riders are;
Basic & Ofter Free Accelerated death benefits: An accelerated death benefits provision allows for payment of part of a policy’s death benefit while an insured is still alive. Such benefits are typically payable when the insured develops a medical condition expected to lead to death within a short period.
Long-Term Care or Chronic Illness Rider: This optional and very popular rider is usually available at issue only. It can provide monthly benefit payments for the reimbursement of expenses from Qualified Long-Term Care Services if the insured meets the Eligibility requirements. Benefits are provided through the acceleration of the policy’s death benefit. Learn More About Lon-Term Care & Chronic Illness Riders.
The Disability Waiver of Monthly Deductions Benefit Rider: The rider is available at an additional cost, waives the cost of insurance, monthly expense charges, and rider charges if the insured becomes disabled.
Accidental death: Pays the beneficiaries double (in some situations triple) the policy’s face if the insured dies in an accident.
Spousal or family term insurance: Allows a policy owner to purchase term insurance on a spouse or children.
Return of Premium Rider: A return of premium rider increases the death benefit by the amount of premium paid. It can be useful in specific advanced planning applications
Premium Flexibility
At the heart of a guaranteed universal life insurance policy, it is technically a flexible premium contract. The owner can decide the amount and timing of the premium as long as it meets minimum premium requirements to maintain your chosen death benefit guarantee period. You can pay the policy premiums for the rest of your life or shorten the premium paying period. For example, you could pay the policy in full over ten years if you want. Of course, the premiums will be higher than the annual lifetime pay amount, but by paying more quickly, you may end up paying significantly less over your lifetime.
Individual Life Insurance Policies May or May Not Offer The Riders And Features Discussed.
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