GUARANTEED UNIVERSAL LIFE INSURANCE
Permanent Life Insurance Coverage That Continues if the Cash Value Runs Out
What is Guaranteed Universal Life Insurance?
Guaranteed Universal Life Insurance, or GUL, is a permanent life insurance product in which the insurance company guarantees coverage will continue for a predetermined period, even if the cash value runs out.
Unlike whole life insurance, where the policy owner receives the death benefit upon policy expiration, guaranteed universal life insurance will expire without a benefit if the insured survives. This is why GULs have been called “term-for-life” policies.
Who Buys Guaranteed Universal Life Insurance?
Guaranteed Universal Life Insurance, or GUL, is ideal for individuals and businesses seeking long-term death benefit protection without cash value accumulation.
Though a GUL may accumulate cash value like other universal life insurance products, these contracts are typically designed to provide a desired benefit for a long-term life insurance need, and if the contract ends before the insured’s death, they have no additional benefits.
A GUL can be designed to provide long-term death benefit protection from age 65 to 121. Like other universal life contracts, a GUL can offer flexible death benefits and premiums throughout the contract’s life.
GUL policies are often called “term for life” policies as they will continue coverage if the cash value runs out and the policy owner pays the required premium.
