Did you know there’s a life insurance policy that can last until you’re 100 years old? Better yet, it’s more affordable than whole life insurance, and last longer than a term policy. This policy is called Guaranteed Universal Life.
A Guaranteed Universal Life policy lasts longer than a term insurance policy because you can structure it to last until a certain age rather than a specific amount of time. The most common ages used are 90, 95, and 100. This policy is less expensive than whole life insurance policies because it does not have a cash value account attached to it. It is a great policy for people who are a little bit older in years, and want to have something that includes a guaranteed pay out, but will not cost much.
We often run into clients who had purchased 20 year term policy that has expired and now they are in their 50s or 60s. They then realize perhaps they should have purchased a policy that would have lasted longer. The reality is term insurance is a great product to cover a debt. However, only 2% of term policies are actually claimed in large part because people outlive them.
Another great benefit to a Guaranteed Universal Life Insurance policy is that you can add a chronic illness rider which allows a portion of the benefit to be used as long-term care insurance for a nursing home or an in-home care taker.
If you would like to know more about a Guaranteed Universal Life Insurance policy or get a quote please email me at firstname.lastname@example.org.