Do you need a permanent life insurance policy? But, have been procrastinating because you are concerned about the cost of permanent coverage. Then, you really should consider the new guaranteed universal life insurance policy (GUL). Modern guaranteed universal life insurance can now accumulate cash values like whole life, or have no cash value similar to term insurance.
There are a number of different permanent life insurance policies such as universal life, indexed universal life, variable life, and whole life. Most people automatically associate all permanent coverage with much higher costing premiums because of the savings element involved. These applicants typically jump into term life coverage assuming it is always the best option for paying lower premiums.
Keep in mind, we are strong advocates of the long time adage of “Buy Term, and Invest the Rest”. This philosophy is also embraced by popular radio and television personalities such as Dave Ramsey and Suze Orman. The idea is to buy cheap term insurance, and invest the premiums that would have been allocated towards permanent coverage.
However, if you need coverage for a longer period of time, permanent life insurance coverage is now available at a similar price point to term life. These policies are slightly more expensive then term insurance at younger ages, but the pricing spread lessens as people get into their 50’s and 60’s.
People are living longer because of continued improvements in medical science Why should your coverage die before you do? This is not like your parents whole life policy!
