Guaranteed Universal Life Insurance (GUL)
What is GUL?
Guaranteed Universal Life Insurance is an in-between policy that blends various aspects between Term and Whole Life. Since it lasts a lifetime, premiums will be higher than a term policy, but lower than a whole life policy.
Additionally, universal guaranteed life policies usually feature an option to decrease your death benefit if your needs change over time.
Guaranteed universal life insurance is a great fit if you want lifelong protection and a premium that’s lower than Whole Life.
Some common uses include:
When you expect to owe a large estate tax bill
If you have a child with special needs who will need money for support after you’re gone.