One problem with today’s popular level term policies is that when the term ends, and you receive the premium notice for the next year, you better be sitting down! Why? Because the premium increases at the end of the initial term (typically 10, 20, or 30 years) are MASSIVE. Take a look at your policy and you’ll see.
If you wait until that happens you may or may not have affordable options as your health down the road may or may not be good enough to qualify for a new policy. Even if you can qualify, you’ll be significantly older, and premiums will be higher.
The solution? If you want to have the policy in force when you die… (and what’s the point of life insurance if it isn’t, right?), you may want to consider a policy with guaranteed LEVEL premiums FOR LIFE.
So, can you really get life insurance with affordable premiums that are guaranteed never to go up for the rest of your life? Sound too good to be true? It’s real.
It’s called “GUL” or guaranteed universal life. GUL is very affordable compared to traditional whole life policies (usually about HALF the cost) and your beneficiaries are still guaranteed to receive the same exact death benefit – income tax-free, assuming, of course, that your policy is paid for and kept in force until you die.
If you’re between the ages of 18 and 85, this type of coverage is available from many top-rated life insurance companies, assuming you can qualify. Rates will vary according to your age and health, but the key point to remember is that, once issued, your premiums will be guaranteed to remain level and not go up…for the rest of your life!
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