2. Guaranteed Universal Life Insurance
Sometimes term life isn’t the answer. Perhaps you need lifetime coverage.
A guaranteed universal life policy should be the first permanent policy you look at. With a GUL policy, you can get coverage that lasts longer than term & cheaper than Whole life.
Here’s how guaranteed universal life works…
You buy a GUL policy to a specific age. Remember – term life is bought for a set length of time (10, 20 or 30 years).
When you buy a guaranteed universal life policy – you choose an age. For example, GUL can be purchased to any of these ages:
- Age 90
- Age 95
- Age 100
- Age 105
- Age 110
- Age 121
This is a great way to work around the limitations of a term policy.
Remember! Some companies don’t offer 30-year term in your 50s. With GUL, you can get a policy to Age 90 instead!
3. Whole Life Insurance
For most people a whole life insurance policy will not be a good deal. The reason? It’s probably going to be the most expensive policy when comparing the same coverage amount.
However, there are affluent shoppers who need whole life. A few examples are to protect themselves from estate taxes, leave an inheritance or as a way to build cash value.