Posted by Miss Zhang from New York is already in her 50s this year, and she intends to save a certain amount of money for her children through life insurance.
What are Whole Life, Perm Life, Indexed Life, Life Insurance, Property Management Insurance, Indexed Life, etc. on the market... all kinds of new terms have emerged in endlessly, which made her linger in the cloud for a while, plus "listen to friends" and "listen to others." ", "U.S. insurance will suddenly add money after many years, or else the insurance will be terminated", which also made Ms. Zhang extremely puzzled—"I just bought an insurance and paid the premium. Why did I cancel the insurance? Did I buy it? Isn't it insurance?"
Originally, Ms. Zhang just wanted to simply buy insurance and leave it to her children, but she did not want to but ushered in so many new problems.
Finally, Ms. Zhang raised the 3 issues that she cares most about:
- What insurance will guarantee claims?
- What insurance will not let me continue to make up money after I have paid?
- What kind of insurance will not suddenly tell me that it may be terminated after 20 years?
Ask yourself: Am I a conservative policyholder?If yes, consider GUL.
If you just plan to leave a sum of money for your children or beneficiaries, you don’t want to worry about other things.GUL InsuranceIt may be a simple and cost-effective way.It is also the type of life insurance that most resembles "insurance" in the traditional sense among the dazzling collection of American life insurance products.
This type of life insurance does not have any "superfluous" additionalFinancial managementFeatures,Its sole purpose,It is a relatively low premium to leave a guaranteed claim for the child or beneficiary.
in"American life insurance types and advantages and disadvantagesIn the article, we introduced Guaranteed Universal Life-(Chinese name: Guaranteed Universal Insurance, or GUL for short) this type of insurance.
As the name implies, "Guaranteed" means that at the moment Ms. Zhang takes out insurance,The amount of compensation that the child can receive is determined, and there is no need to worry about breaking the insurance*.
Look through your policy document and see if it says "Guarantee Universal Life". If there is, then you have this type of life insurance.
(>>>Recommended reading:Did you buy insurance or property management insurance? ｜Before purchasing American life insurance, you must know these principles.)
Features of GUL Guaranteed Claims Life Insurance
In all universal insurance products, the concern"Will the insurance be broken after many years", "Do you want to make up money?"For American insurance policyholders with such problems,GUL InsuranceIt is the only type of insurance that does not have to worry about the risk of termination.
For example, if Ms. Zhang purchases a GUL life insurance policy, assuming the insured amount is 200 million US dollars, the selected 10 years will be paid in full.
So, as long as we pay the premiums normally, thereafterRegardless of whether the market plummets or skyrocketed, no matter when the policyholder dies, the children or beneficiaries will保证Received a claim of 200 million US dollars.
In view of this guarantee feature, someLife Insurance BrandFor GUL products, the words "No-Lapse" are marked directly in the name of the insurance product.
Which life insurance companies issue GUL guaranteed claims insurance?
Since GUL insurance is a life insurance product that was born to provide "protection", "asset management" life insurance companies do not enter this market. Therefore, they independently underwrite the issuance of such products.Life insurance companyNot much.
Usually a comprehensive life insurance company, or a life insurance company that is positioned in the "protection" market, will issue GUL life insurance products, some of which are commonLife Insurance BrandAnd the corresponding GUL life insurance products are (in alphabetical order from AZ):
- AIG (American International Assurance)- Secure Lifetime GUL 3 和 QoL Guarantee Plus II
- Lincoln Financial Group (Lincoln Life Insurance) – Lincoln Life Guarantee® UL
- MassMutual (Wantong Mutual)- UL Guard
- Nationwide (National Life Insurance) – No-Lapse Guarantee UL II
- New York Life (New York Life)- Custom Universal Life Guarantee
- North American Company (North American Life Insurance)- Custom Guarantee® Universal Life
- Protective (Company Evaluation)- Lifetime Assurance UL
- Penn Mutual (Pennsylvania Life Insurance) – Guarantee Protective UL
GUL life insurance prices and premiums
GUL InsuranceThe price (premium) is relatively cheap,Is in all life insurance types,Lowest premiumLife insurance type of life insurance.
However, there are also differences in premiums between different GUL products.
同样以张女士想要给子女留200万保证的理赔金这一案例为例。以2021年6月1日市场上GUL保险产品的费率，10年付清的方式。
The premium quotations of different life insurance companies,From nearly $4 per year to more than $6 per year, the premiums also vary.Therefore, a comprehensive assessment is carried out with the assistance of professional insurance planning consultantsadditional terms( Rider The purchase of) can help us find a specific premium payment plan that is more suitable for us.
Who is suitable for GUL insurance?
For Ms. Zhang, if you want to avoid the "worries about breaking the insurance", but also want to pay off quickly, and pursue "Peace of Mind", then GUL insurance with strong "certainty" is a good choice. .
And from the perspective of age,Above the age of 50, it is usually the prime age to consider GUL insurance.Because at this time, there are often two situations where Term insurance is about to expire, and the financial needs of children and spouses are stronger.
The health status at this stage is more likely to be covered by insurance companies than after retirement.
Finally, a one-sentence summary, if you fully agree "We buy insurance, not to buy risk" With this view, you are unwilling to bear any market risk, then GUL insurance may be suitable for you. (End of full text)
(>>>Recommended reading:Introduction to American life insurance, average price premium, and comparison of advantages and disadvantages）
appendix
1. GUL Life Insurance’s No-Lapse Guarantee and guaranteed claims are based on whether the insured pays premiums normally in accordance with the requirements of the policy.If the policyholder withdraws cash or borrows from the policy in advance, it will also affect the actual performance of the policy.You can discuss with a licensed insurance consultant and consult the English documents of insurance company products.
