Guaranteed universal life G-U-L insurance is best for the seniors who are 60 to 80 years old and beyond. The senior term life insurance has the fluctuating cash value which offers no lapse guarantee for both premium and the death benefit. G-U-L maximizes the value by pairing permanent coverage of whole life insurance with the terms being lower cost. Here is how you can choose the best G-U-L insurance companies for the seniors.
Financial security is a backbone of the insurance as the provider is the best if he can pay the claim if there is a need. Fortunately, there are some independent agencies which work to evaluate the insurers’ financial health on your behalf. You need to check the three well-known rating agencies to ensure all of the top picks had reliable financial backing. Actually, every provider earns “Superior” score from A.M. Best that focuses solely on the insurance and also top ratings from Moody’s and S&P Global. Everyone is guaranteed of having the funds for paying out the death benefit once it happens.
Lenient age requirements
To make sure that the policies could be available to many seniors, you look for the companies with the forgiving latest age for an issue. Many will write G-U-L through 85 years of age if an insured agrees to the medical exam. Though, taking the exam can mean denying the coverage for the seniors with serious health conditions. You need to know that the set age of the G-U-L insurance requirement is 80 years, which is the latest age which many providers can issue no-exam G-U-L.
A range of the policy size
The best G-U-L insurance policy is the one which fits the death benefit requirements and the budget. For seniors, their needs will vary widely. Somebody setting aside the funds for the end-of-life and the funeral expenses can be looking at the policy of around $15,000, while one hoping to setup the inheritance may be required to channel the hundreds of thousands of the dollars into the life insurance. Obviously, the size of the policy can determine the amount you will pay have to pay. When the policy is bigger, the premiums will also be bigger, and vice-versa.
The guaranteed level premiums
With the G-U-L insurance, we only consider the providers who offer senior term life insurance with the guaranteed level premiums. This means the prices will continue to be the same all through the life of the policy. This is the important safeguard because some companies offer competitive pricing upfronts, only to raise the rates after some years. All the top picks guarantee premium which you will pay in one year is actually the premium you will pay for the whole of your life.
Generous living benefits
To the seniors who are at risk of the health complications, the living benefits riders are the crucial life insurance to take. These will pay for the treatments, the medical care, and also assisted living which is the costs that normally become a burden on an insured or to their family. You need to ensure that all the top picks offer the accelerated death benefits rider that is the most substantial living benefit. Know that the payments normally come out of a death benefit and drain the amount which the beneficiaries may ultimately receive.
Here are the best life G-U-L insurance companies for the seniors
Mutual of the Omaha Life Insurance
The Mutual of the Omaha earned 4 out of 5 stars for the customer services in the J.D. Power of 2017 Study of Life Insurance. That is considered the best, the score which many of the top picks can match. Many customers like to work with the Mutual of Omaha because it thoughtful touches their life. For example, its website has the lists of agents who are in your area with the profiles and the individual phone numbers; therefore you will contact someone you are comfortable to talk to. It has the calculator which helps the customers to understand how the death benefits requirement need to be calculated.
New York Life Insurance
The New York Life is loved because it offers the lowest death benefits for the G-U-L policy, beginning at $25,000. By offering the small policies, the New York Life makes the insurance accessible to people with the limited death benefits needs and the shoppers on the budget. The also accommodates the seniors who are looking for the larger policy. The death benefit cap out at the company retention limits where according to the latest information is that are in tens of millions. To many people, this means that the sky is the limit.
American National Life Insurance
It is among the two top providers that offer the guaranteed universal life policy beginning at $25,000. When the death benefits are lower, then the premiums will be lower. This means that those people who have limited needs like estate settlement and funeral costs can purchase the moderate policy with the American National which will assist you to get their affairs right without breaking a bank.
The Banner Life Insurance
The Banner Life insurance company is the Legal and General which is located in London, U.K. When you are looking at the policy from the Legal and General, know that you are in same best hands. Most G-U-L policies permit for the flexibility with the monthly payments being as long as the annual premium being the same of the senior term life insurance. The Banner Life considers that the convenience one more step by offering the short pay option. By having the Life Step UL, then you will choose to pay the entire policy which can either be 10 years or 15 years while you are still in a workforce and having a steady income. This permits one to maintain the lifetime of protection by not paying for the whole life.
Unlike many senior insurance companies that carry either one or two terms life options but the State Farm offers 4 different plans to assist the customers in matching their coverage to the financial goals. Sometimes the coverage needs can change any time for example, if you require taking out the second mortgage or offering long-term care for the family member. This becomes an important thing to consider for the term insurance which may be extended if need be. State Farm has the most lenient allowances which are there in the G-U-L insurance department.