Insurance Option Guarantee Your Tomorrow Even While You Focus on Today
After you’ve bought your dream home, if there’s a mortgage on that property, you may want to put some guarantees in place for the unexpected. If something should happen to the primary wage earners then it would be a great idea if there was a backup plan.
Here’s an insurance option to consider from Mr. Cheriel with Mutual of Omaha Insurance here in Naples. If you’d like more info, please give him a call or send him an email… his contact info is at the end of the article.
For some, living for today is about spending time with the people who matter most. For others, it’s focusing on that new challenge at work or setting off on a new adventure. For many, it’s about all three.
But what about tomorrow? Your challenge is to take care of your family’s future so they can maintain their lifestyles . . . even without you. If you are looking for secure life insurance that’s guaranteed to be there for the future, you should look into guaranteed universal life insurance (GUL).
GUL insurance can combine affordable coverage and a no-lapse guarantee with several options that allow you to customize your coverage to fit your unique needs. With most plans, you can start tailoring your coverage by choosing the basics:
Select the amount of protection you need – your protection needs will depend on factors such as current expenses, income, debt and other insurance
Select the time span for which you want coverage – lifetime coverage is typically available, but premiums can often be lowered by choosing a shorter coverage period, such as to age 90 or 95
Select the length of time you wish to pay – most GUL plans let you decide. It might be a single lump-sum or you can make regular payments.
Once selected, your combination of benefit amount, coverage period and payment is usually guaranteed. Regardless of interest rate fluctuations, regardless of your future health status, your plan is guaranteed.
Flexibility
Some GUL plans also are adaptable. Take a look at these valuable options common to many GUL plans and consider how they might benefit you.
Dial-a-Guarantee allows you to reduce your coverage period and lower your premium payments. For example, Jane elects to reduce her guarantee coverage period, knowing that her son will be out of college later and she won’t need the coverage
Dump-In allows you to transfer a sum of money into the GUL plan and reduce the overall premiums needed to meet the guarantee period. For example, Bill transfers the cash value from existing non-guaranteed plan into a GUL policy using a tax-free exchange. His protection is now guaranteed with the new GUL policy
Short-Pay allows you to select the length of the period in which to make premium payments. For example, Joe elects to make premium payments during his working years so he does not have to pay anything after he retires
Catch-Up allows you to retain your guaranteed coverage if you miss a premium payment. For example, Mike could miss a payment because of emergency expenses, or for whatever reason, make it up later within a certain period of time and still retain his original guarantee.
Added Protection
In addition to tax-free death benefits and the flexibility to adjust your plan as needs change, some GUL plans also offer several features, available at no additional cost on most plans, that set it apart from other products:
Accelerated Death Benefit for Terminal and Chronic Illness – this option pays living benefits to help pay for expenses from a terminal or chronic illness. This benefit could help you pay expenses incurred from your illness.
Waiver of Surrender Charges for Partial Withdrawals – this benefit waives the penalty if you decide to make partial withdrawals taken during the surrender charge period because of a specific event such as nursing home confinement, cancer, unemployment or disability.
Guaranteed Universal Life can provide guaranteed death benefit protection that is competitively priced with terrific options for customizing coverage to fit your unique needs. If you’re looking to protect your family’s future with life insurance that is flexible enough to change as your needs change, then look no further than GUL.
Submitted by:
S Marques Cheriel
Mutual of Omaha Advisor
Principal Consultant, Atikkin Partners
239.204.4770
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