Guaranteed universal life insurance
Guaranteed universal life (GUL) insurance can last as long as you live, assuming you make the payments on time. The death benefit amount for your beneficiaries is guaranteed and your premiums don’t change. It’s the cheapest way to buy life insurance that will pay out no matter when you die.
These policies are sometimes called “no lapse universal life.”
This type of policy is for people looking mainly for a death benefit for beneficiaries, at a cheap price, and who don’t care about building up cash value.
GUL policies let you select the age up to which your premiums stay the same. The higher the age, the more the policy will cost. If you live past that age, the policy could expire or become so expensive to maintain that it’s unaffordable. Some GUL policies let you select a guarantee up to age 121. If you’re healthy and have relatives who lived a long time, choosing age 90, for example, would be risky.
