Guaranteed Universal Life Insurance
Guaranteed Universal Life Insurance provides a midway insurance option for those people who want lifetime coverage but at an affordable premium rate. It is a combination of both term life and permanent life insurance. It provides a flexible death benefit that can be decreased during the term without buying an individual policy. The death benefit is provided to the claimed beneficiaries after the death of the insurer. The amount can be used to pay for the final expenses, repaying the outstanding balance, or paying the children’s tuition fee. Unlike whole life insurance, the guaranteed issue life insurance usually does not have a feature of cash accumulation. However, some companies may provide a cash value component, but the amount is so minimal that it cannot be withdrawn or used to take a loan.
How can I get Guaranteed Universal life insurance ?
The policy stays active for as long as the premiums are being paid. Suppose the insurer feels unable to pay for the premiums due to another financial restrain. In that case, he can request a decrease in a death benefit. But, if he wants to halt the policy completely, the surrendering the policy option is available. However, the percentage of premium that he would get back depends from company to company.
The policy can be acquired by filling a questionnaire that asks after the individual’s age, gender, health condition, and family history. Most of the time, the process also involves a medical examination. Guaranteed Universal Life Insurance is an ideal option for individuals who owe a massive estate tax to pay. In case you have a family to support, the coverage provides them with future financial stability.