Universal Life insurance works well for people who want lifelong coverage at the lowest possible price. GUL (Guaranteed Universal Life) can be guaranteed not to lapse to age 120+ at a level premium. Because GUL has very low cash value, the premium can be kept relatively low for permanent coverage.
Indexed Universal Life is a good product for those who want a safe way to save up money for retirement income. Unlike GUL, IUL is used to create large amounts of cash value that can be borrowed tax deferred during retirement.
So Universal Life really can work for almost anyone. It is flexible and can be adapted for a lifetime.
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Indexed Universal Life is a good product for those who want a safe way to save up money for retirement income. Unlike GUL, IUL is used to create large amounts of cash value that can be borrowed tax deferred during retirement.
So Universal Life really can work for almost anyone. It is flexible and can be adapted for a lifetime.