Life Insurance in your 50s | Sample Quotes

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.

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