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 However, some companies may provide a cash value component, but the amount is so minimal that it cannot be withdrawn or used to take a loan.