Should I get a Guaranteed Universal Life Insurance Policy OR a Whole Life Insurance Policy?

October 19, 2018 By admin

You may ask “Should I get a Guaranteed Universal Life Insurance Policy OR a Whole Life Policy?” What are my options if I do not want cash value in my  whole life policy, and want to reduce my whole life policy premium cost? What if I also dislike a term insurance policy because of the lack of long term guaranteed level premiums. A possible solution is Guaranteed Universal Life insurance policy which will provide a guaranteed level premium and guaranteed death benefit for a limited period of time.

Advantages:

  • Your premium payments can be structured according to your preferences.
  • You can select your death benefit guaranteed to age 90, 95, 100, 105, 115 or 121.
  • Premiums can be level for lifetime.
  • This policy is less expensive than a whole life insurance policy and generally cost a bit more that a term life insurance policy.

Disadvantages:

  • The policy generally does not build cash value.
  • Consistence and timeliness of premium payments is critical as there is no cash value build up to cover delinquent premium payments.
  • Policy can easily be cancelled for non payments because of no cash value buildup to cover missing payments.
  • Policy generally cost more that a term life policy but less that a whole life policy.

To get a Quote on a Guaranteed Universal Life Insurance Policy call one of our Senior Care Licensed Life Insurance Agents at 678-468-5163