- 15,041
I agree that is a pretty good quick description. However, many GULs will have some CV for awhile. Somewhere between 10 and 20 years.
Thus the qualifiers.
Also, miss a payment on a GUL and it loses the guarantee. It may or may not have a catch-up provision to restore it. I do recall one that had such a clause, but the interest used to calculate it was pretty stout.