Pros And Cons of Guaranteed Universal Life Insurance. Many people stumble upon the middle ground between Term Life Insurance And Whole Life Insurance. With the downfall of Term not being lifelong, and Whole being more expensive, Guaranteed Universal Life Insurance can make a perfect fit.
Term Life Insurance Vs. Guaranteed Universal Life Insurance
With term life insurance, policies don’t last a lifetime. This is the most obvious difference between Guaranteed Universal Life Insurance and term.
Whole Life Insurance Vs. Guaranteed Universal Life Insurance
The simple fact that Guaranteed Universal Life Insurance provides flexibility throughout your policy is the key difference between GUL and Whole.
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Pros And Cons of Guaranteed Universal Life Insurance
PROS of GUL
Unlike Whole Life Insurance, GUL offers fixed premiums. This means less stress in terms of yearly income. Fixed premiums provide the ability to guarantee your premium exceeding the age of 80.
No Unnecessary Payments
You are only paying for the coverage you need, and your rates cannot change as you get older.
Pretty self-explanatory, you can count on your policy’s premiums to not drain your wallet, and you can also count on having life insurance for a lifetime because of this.
Policy options don’t veer too far from it’s core purpose. Guaranteed Universal Life Insurance is plenty more simple to understand compared to Whole life insurance (or even some term policies).
No Policy Transfer Taxation
Jumping from your previous permanent life insurance policy to a Guaranteed Universal Life policy is affordable with no income taxation on policy gains. You can utilize a Section 1035 Exchange.
CONS of GUL
Most GUL policies don’t build cash value, which may contradict to the goals of someone searching for Permanent Life Insurance.
With some GUL policies, timeliness of the payment is crucial. If premiums are paid a bit too late, the Guaranteed Premium feature can be forfeited (causing fixed premiums to start fluctuating).
Not everyone is willing to take a medical exam in regards to applying for a policy. Some don’t like needles, others hate bloodwork, and foremost – some may not reach the health standards to apply for the policy.
If Medical Exams aren't for you...
Find out more about No Medical Exam Life Insurance policies that are affordable, and instant-access.
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