One key element to permanent life insurance is the age guarantee. If you’re over age 60, look for something called guaranteed universal life, or GUL for short. The best of these products guarantee coverage at a fixed rate to age 120 or beyond. Banner Life has a good product that guarantees cash value accumulation as well. All you have to do with a GUL is pay on time. The contract provides a lapse protection guarantee as long a you make timely payments.
Whole life insurance was traditionally guaranteed to age 100 with guaranteed cash value. Universal life, UL, came out in 1980’s promising higher returns but took out those guarantees. About the year 2000, carriers introduced universal life with lifetime guarantees. A guaranteed UL is much less expensive than whole life, so much of what you see out there today are guaranteed ULs.
Which company has the best guaranteed UL for you will depend on your age and health. As an independent broker I have access to multiple carrier comparison quote systems not available to consumers on the internet. You can compare term on the internet but not permanent. Let me know, and I show you the top 5 for your age and health.
If you bought cash value life insurance in the 1980’s or 1990’s let me review it for you. It may not be a permanent as you think.