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GUL uses current interest rates in its assumptions and it has a cash value component, even though it's not even remotely used for that purpose.
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I see .. so in other words you can always make it permanent by funding it more if you so chose. .. makes senseGUL uses current interest rates in its assumptions and it has a cash value component, even though it's not even remotely used for that purpose.
Of course, GUL is more of a "permanent term", and I wouldn't use it to store cash as it's just not designed for it.
on a side note... why do we call GUL permanent when it has a clear date of expiration
A full pay GUL is perm, and full age of 121. What I see is alot of marketers or companies will run the guarantee age down to 90 or 95 to lower the cost. Especially in these "our product is best" comparison situations. Makes it look more attractive and it is from a cost point...but if they live past that age, its no different than a term policy that expired. I usually let the client decide what they want, but won't let them go down under 105. Most folks seem to feel like they could live to 85-90, not many ever feel like they'll live past 100...but obviously they could and many are. I would not sell a 90 or 95 expiration, unless they insisted on it and I had it in writing.on a side note... why do we call GUL permanent when it has a clear date of expiration
Planning to live past age 121?
A full pay GUL is perm, and full age of 121. What I see is alot of marketers or companies will run the guarantee age down to 90 or 95 to lower the cost. Especially in these "our product is best" comparison situations. Makes it look more attractive and it is from a cost point...but if they live past that age, its no different than a term policy that expired. I usually let the client decide what they want, but won't let them go down under 105. Most folks seem to feel like they could live to 85-90, not many ever feel like they'll live past 100...but obviously they could and many are. I would not sell a 90 or 95 expiration, unless they insisted on it and I had it in writing.