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By Jessica Walter
Special to the Financial Independence Hub
Though it can be morbid and upsetting to think about, it’s important that seniors have life insurance in place so that their families don’t have to worry.
Despite this, 54% of Americans say they are unlikely to purchase life insurance. As well as this, according to research organization LIMRA, 51% of all households say they would rely on life insurance payouts to pay bills and maintain their lifestyle, in the event of the main breadwinner passing away. That’s why it’s so important to choose a life insurance policy that works for you, and brings you the best benefits and flexibility.
Understanding the different types of available insurance policies is vital, as it could make a big difference to the amount you pay in premiums, as well as how much the family will receive in the event of a death.
What Is a Guaranteed Universal Life Policy?
A guaranteed universal life policy is one of the best ways for seniors to get coverage for life, for the lowest possible cost. Whether you qualify will depend on your health, and your age. The main positive of a GUL plan is its ability to meet a wide range of budgets.
This type of plan is similar to a whole life insurance policy, but is made more affordable by gaining cash value in the initial years. This value is then used to offset an increase in premiums in the future. This is in contrast to a whole life insurance policy, which would continue to gain cash value, but requires higher premiums to be paid. A guaranteed life insurance policy is one of the most popular around, and will meet the needs of the majority of healthy people, but it isn’t the only insurance policy available.
The Benefits of a Guaranteed Universal Life Insurance Policy
