A common form of permanent life insurance is a Universal Life policy. These policies have great flexibility in both the length of time the premiums can be paid and the number of years the coverage is guaranteed. But not all policies are the same.
One thing to look for in a UL policy is a guaranteed death benefit. Some UL policies only have guarantees that last until the client is in their 70s or early 80s, meaning if the client were to outlive the guarantee period, the policy would lapse and not pay a death benefit. Making sure the death benefit of a UL is fully guaranteed for a reasonable length of time can give your clients peace of mind. Evaluating existing UL polices that your clients have is important, and a good way to make sure they have the permanent coverage they need.
Aside from purely death benefit, many UL policies have other features such as return of premium or riders and other benefits. Each of these policies is unique, so give us a call to discuss your next UL case and let us help you find the right fit for your client.