to provide a desired benefit for a long-term life insurance need and if the contract ends before the insureds death, they have no additional benefits.
A GUL can be designed to provide long-term death benefit protection for as short as to age 65 or as long as age 121. Like other universal life contracts, a GUL can have flexible death benefits and flexible premiums during the contracts life.
GUL policies are often called “term for life” policies as they will continue coverage if the cash value runs out and the policy owner pays the required premium.