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Guaranteed Universal Life (GUL), also referred to No-Lapse Guarantee (NLG) Universal Life, and Universal Life with Secondary Guarantees (ULSG), also known as secondary guarantee universal Life (SGUL) in most cases the best product choice for permanent life insurance for those in their late 50’s or older. Guaranteed Universal Life is straight forward: pay on time, don’t make any changes to the policy and coverage is guaranteed for life or whatever age duration guarantee is chosen. Guaranteed Universal Life is far less expensive than whole life. It doesn’t build cash value like whole life, but when the focus is on the lowest cost death benefit for estate planning, it’s a better choice. Many plans allow the policy holder to accelerate benefits for chronic illness, as protection against long-term care costs. Lower premiums available on Guaranteed UL plans with the no lapse guarantee to age 90, age 95, age 100, age 105, age 110 or whatever age designated. Catch up premium options available with some plans. Contact me for details. New York state has separate product offerings.
Is there a catch?
The timing of premium payments can affect the lapse guarantee. Late payments and even early payments outside a short window of the due date can impact guarantees. It is highly advisable to put Guaranteed UL coverage on an automatic bank draft. Besides monthly bank draft, most companies offer quarterly, semi-annual and annual options.
Guaranteed Universal Life to age 120+: Carriers and Products: (GUL)
Age 131 American General “Secure Lifetime GUL 3” recommend guaranteed return of premium (ROP) option, 50% year 20, 100% year 25, guaranteed cash value accumulation; recommend chronic illness rider, called Accelerated Access Solution® available at additional charge, covers temporary and permanent conditions
Age 121 American National “Signature Guaranteed Universal Life”: return of premium option, partial return of premiums paid year 15, full return of premium paid year 20 or year 25; dial a guarantee death benefit between ages 95 and 121; minimum face amount $25,000
Age 121 MassMutual “UL Guard”
Age 121 Pacific Life “PL Promise Guaranteed UL” recommend competitive premiums
Age 121 Penn Mutual “Guaranteed Protection UL” recommend competitive premiums
Age 121 Protective Life “Protective Lifetime Assurance UL” recommend competitive premiums
Age 121 Protective Life “Protective Advantage Choice UL 3/23”
Age 120 Nationwide “No-Lapse Guarantee UL II”
Age 120 Prudential “PruLife® Essential UL”
Indexed Universal Life with Extended No Lapse Guarantee (GIUL)
Age 120 Securian “Eclipse Protector II Indexed Universal Life” recommend
Age 100 American General: age 100 “Value+ Protector III IUL” recommend
Age 120 Nationwide: “Nationwide Indexed UL Protector II 2020”
Age 120 Prudential: “PruLife® Founders Plus Indexed UL (2023)”
Long Term Care or Chronic Illness Rider: best
American General: “Accelerated Access Solution” (AAS)
Nationwide: “Long Term Care Rider II”
$25,000 minimum face amount
Pacific Life “”PL Promise Guaranteed UL (GUL)” recommend
American National Signature GUL 121 standard rate class only
$50,000 minimum face amount
Penn Mutual “Guaranteed Protection UL” (issue age 0-55)
Protective “Lifetime Assurance UL” standard rate class only
Protective “Protective Advantage Choice UL” standard class only
Age 90 Guaranteed Universal Life
Pacific Life “PL Promise Guaranteed UL” with reasonable catch-up premium ages 91-121 recommend
Protective “Protective Lifetime Assurance UL 3/23” partial return of premium
New York: Guaranteed Universal Life Carriers and Products:
Age 131 US Life “Secure Lifetime GUL 3”: guaranteed return of premium (ROP) option, 50% year 20, 100% year 25, guaranteed cash value accumulation recommend
Age 121 American National “Signature Guaranteed Universal Life” return of premium option, partial or full return of premiums paid year 15, year 20, year 25; dial a guarantee death benefit between ages 95 and 121; minimum face amount $25,000 recommend
Age 121 MassMutual “UL Guard Lifetime”
Age 120 Nationwide “Nationwide No Lapse GUL II Lifetime NY”
Age 120 Prudential “PruLife® Essential UL”
Single Premium Guaranteed Universal Life (SPL) known also as Single Pay
Age 120 Securian “Eclipse Protector II Indexed Universal Life” recommend
Pros: lowest premium to maximize death benefit; ideal for wealth transfer; death benefit tax-free; paid in full, so no danger in lapsing; lifetime guarantee; chronic care or Long-Term Care rider living benefits available
Cons: no cash value accumulation, cash surrender value, besides small percentage in early policy years, except American General; American General also has limited scheduled cash value accumulation
example#1: $100,000 single premium provides a $344,000 death benefit, age 120 no lapse guarantee: female, age 66, best health rate (death benefit rounded to nearest 1,000)
example #2: $10,037 single premium provides a $25,000 death benefit, age 120 no lapse guarantee: female, age 68, best health rate and $11,926 single premium for $25,000, male, age 68, best health rate (premiums rounded to nearest dollar)
consider single premium whole life (SPL) for enhanced cash value
Contact me for a free and confidential quote:
Sean Drummey
phone: (910) 328-0447
email: spdrummey@gmail.com
update: 2/27/2024 – not a comprehensive carrier listing; carrier and product availability subject to change
I’m in need of $100k death benefit GUL policy to age 95.
I’m 67 male non smoker standard rate.
What carrier’s would you recommend?
Thanks
Daniel
Protective Life has the most competitive rate for age 95 Guaranteed Universal Life at the standard non tobacco rate.