Pros And Cons of Guaranteed Universal Life Insurance

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August 24, 2017

Pros And Cons of Guaranteed Universal Life Insurance. Many people stumble upon the middle ground between Term Life Insurance And Universal Life Insurance. With the downfall of Term not having a lifelong option.  

What’s The Difference?
Pros And Cons of Guaranteed Universal Life Insurance

The primary difference between all of the other life insurance options and the Guaranteed Universal Life option is that the carrier actually guarantees to pay you back a certain amount of your premium at some point in the policy if you choose close out the policy when it may be lucrative to you.  For instance when your mortgage is payed off you may not need as much life  insurance and may choose to have some of what you invested into the policy back in your pocket at that point.

 

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 and a return of premuim 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

Fixed Premiums

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.

Guaranteed Coverage

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 and the option of pulling part or all of what you paid into the policy out at some point.

Simple Policies

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).

Simple Policies

Most GUL policies build cash value.

CONS of GUL

Late Payments

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).

Medical Exams

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.  You do have the option of not taking an exam with type of policy but you will pay more for the plan monthly.

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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