The Best Guaranteed Universal Life Insurance Companies

Almost half of the country does not have a life insurance policy. While life insurance coverage may not be the most glamorous subject, the reality is, without it, you are putting your family’s financial security at risk.

Below we review some of the best guaranteed universal life insurance companies in the industry.

Nobody wants to risk leaving their loved ones with financial difficulties. One of the best ways you can protect your family is with a guaranteed universal life policy.

If you want an affordable life insurance policy with the benefit of permanent coverage, a guaranteed universal life policy could be the solution you are looking for.

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What is a Guaranteed Universal Life Policy?
The Benefits of Guaranteed Universal Life Insurance
What Are The Best Guaranteed Universal Life Insurance Companies?
AIG Guaranteed Universal Life Insurance
Prudential’s Guaranteed Universal Life Policies
Sagicor Life Universal Guaranteed Life Insurance
Protective Life Guaranteed Universal Life Insurance
American National Guaranteed Universal Life Insurance
Principal National Guaranteed Universal Life Insurance
Penn Mutual Guaranteed Universal Life Insurance

What is a Guaranteed Universal Life Policy?

Guaranteed universal life insurance (GUL) coverage is a  permanent life insurance policy designed to last for your entire life. Most people set the guaranteed age of the policy at age 121 so that they would not have to worry about outliving the guaranteed period. Based on budget and your needs you can decide to shorten the the guaranteed age between 90-121. This will lower your premium but the younger age you select the more likely you are to out live the policy.

Unlike a term life policy, guaranteed universal life insurance policies can have no expiry. Premium payments are higher than those paid towards a term policy but you are paying for the peace of mind you get with guaranteed insurance coverage.

The Benefits of Guaranteed Universal Life Insurance

Essentially, a guaranteed universal life policy focuses on low-cost permanent coverage. It takes universal life insurance and removes the market risk component so your premiums don’t change, regardless of how the market performs because your plan’s interest rates are included in the premiums when you sign up for the policy.

With this type of universal life policy, you benefit from a no-lapse guarantee. This means that as long as you pay your premiums, you have insurance coverage.

 Pros of Guaranteed Universal Life Insurance:

  • You get the assurance of permanent coverage.
  • Guaranteed fixed premiums.
  • It is the most affordable option for permanent life insurance.
  • Your insurance premiums are not impacted by volatile interest rates.
  • It is less complicated than some of the other life insurance options.

As you can tell, guaranteed universal life insurance is a great option for anyone who knows they will need coverage later in life.

What Are The Best Guaranteed Universal Life Insurance Companies?

It can be difficult to decide which insurance company has the best policies. Insurance companies are constantly changing their products and the policies they offer.

Life insurance needs also vary from one person to the next. There are so many variables, such as medical histories and financial situations, that come into play.

While we may not be able to identify a specific company that’s the best fit for everyone, we can highlight some of the top companies that offer a universal life insurance policy and explain what makes them stand out.

Below, we’ll take a look at some of the guaranteed universal life insurance companies we think are worth considering and highlight some of the pros we found that make each company stand out.

American National Guaranteed Universal Life Insurance

American National Insurance Company (ANICO) is an extremely well established A rated carrier by A.M. Best and founded in 1905. They have over 2 million policyholders and $98 billion of Life insurance in force.

ANICO offers the Signature Guaranteed Universal Life Insurance policy this is one of the most competitively priced options on the market for policies over $250,000. This policy option has many rider options included that many carriers do not offer or add additional costs for the benefit.

Pros of ANICO

  • Fast underwriting
  • Clients in excellent health may have the exam waived
  • Living benefits included (Accelerated Death Benefit)
  • Return of premium options included

Penn Mutual Guaranteed Universal Life Insurance

Penn Mutual Life Insurance Company is a very highly rated mutual carrier founded in 1847. This carrier has built an extremely competitive guaranteed life insurance product with extremely efficient underwriting.

The Guaranteed Protection UL product is competitively priced at many different guaranteed ages. This guaranteed universal life insurance policy also has good flexibility in setting the timeframe you would like to make premium payments for.

  • Fast and easy electronic application
  • May qualify for up to $5,000,000 with no exam
  • Mutual insurance company owned by it’s policyholders

Principal National Guaranteed Universal Life Insurance

Principal National Life Insurance Company established in 1879 is one of the most well established life insurance carriers in operation today. They are also a highly rated carrier with an A+ rating from A.M. Best.

At Principal they offer a simple low cost solution call the Universal Life Protector. This policy offers competitive rates even down to the minimum $50,000 payout level.

  • Competitive premiums to age 85
  • Exam requirement possibly waived in excellent health
  • Excellent rated customer service

AIG Guaranteed Universal Life Insurance

American International Group (AIG) is one of the largest insurance companies in the United States. One of the company’s three core business lines has a specific focus on life and retirement insurance.

When it comes to guaranteed universal life insurance, AIG offers several competitively priced products that are designed to give policyholders flexible, lifelong coverage. The company has strong financial ratings and a solid overall reputation.  AIG does require applicants to take a medical exam but this is used to offer completive premium rates.

Pros of AIG

  • Fast and efficient underwriting process.
  • Relatively low premiums.
  • AIG is known for offering solid customer service.
  • Flexibility and the ability to choose the right policy for your specific needs.

Prudential’s Guaranteed Universal Life Policies

Prudential Financial Inc. is the largest insurance company in the United States. The company is composed of hundreds of subsidiaries and holds more than $4 trillion of life insurance.

When it comes to guaranteed universal life insurance, Prudential offers three separate policies. Each offers a guaranteed payout for your beneficiaries. As with AIG, you need to take a medical exam. Due to the size of the company, they are well respected in the industry and provide reasonable customer service. The PruLife Universal Protector is their most popular gul product.

Pros of Prudential

  • It is a massive company that has extremely strong financial backing.
  • Unlike some other companies, there are no additional premiums charged if you move up from the age of 90 policy to the age of 121.
  • They offer competitive guaranteed universal life insurance policies for those who have what are considered high-risk health conditions.

Sagicor Life Universal Guaranteed Life Insurance

Sagicor Life offers one of the best no-exam life insurance packages. For those under the age of 65, they offer up to $500,000 in coverage on their guaranteed life insurance products without the need to perform a medical exam.

Pros of Sagicor Life

  • They offer low priced premiums in the lower death benefit ranges.
  • They have a relatively low minimum required to apply.
  • Sagicor also offers fast underwriting with no medical exam up to $500k.

Protective Life Guaranteed Universal Life Insurance

Protective advertises the flexibility of their universal life insurance policies offer. You get flexibility in your payments and with your policy’s payout. Protective Life Corporation has been around since 1907 and in that time they have established a strong reputation in the life insurance field.

You do need to take a medical exam when you get universal life insurance through Protective Life; however, the process is faster than it is with some of the other insurance companies on the market.

Pros of Protective Life

  • Protective offers the fastest underwriting in the industry by ordering medical records at the same time as the exam, which takes weeks off the process.
  • They offer affordable premiums without sacrificing value.
  • You get plenty of flexibility when choosing your guaranteed universal life insurance package.

So, Which Company Should You Choose for Guaranteed Universal Life Insurance Policy?

As we mentioned, there is no best choice when it comes to finding the right company for your policy. You need to decide what features are important to you – for example, the cost of insurance, cash value, death benefit, cost of premiums, consideration for terminal illness – and choose a policy that fits your needs. That said, any of the above-mentioned companies are a great place to start looking for the right insurance policy. As always, please be sure to reach out to us if you have any questions.