You may have recently come across a relatively new product called  Term UL.  Term UL is a creation by insurance companies in response to higher reserve requirements on term insurance policies and pressure to keep term insurance rates low to compete with other life insurance companies.  Several well known term insurance companies have introduced or are planning on introducing so called Term UL products.  Genworth Life Insurance Company has a product called Colony Term UL.  West Coast Life has a Term UL product called the Secure-T. 

While these products are universal life products they look and smell like term products.  Just like term insurance, these products have guaranteed level term periods, which last for a specific period of time (10, 15, 20 and 30).  During this level term period your premiums are guaranteed to remain level.  Just like term insurance the death benefit is also guaranteed to remain level.

Because these are universal life policies, there are some advantages over term policies.  Some of the advantages are:

• You can adjust your premium or length of coverage up or down if your needs change.
• You will know up front what it will cost you to extend your coverage in the future without any proof of insurability.  Most term policies allow you to convert to a permanent policy without evidence of insurability, but the cost is not known until the time of conversion.
• You can pay with a single premium or a specified period of years.
• You will typically have a longer grace period before the policy lapses due to non-payment.

Genworth’s Colony Term UL seems to be the most competitively priced so far, but that could change at any time.  We are seeing term and universal life insurance rates changing constantly.  Please feel free to run your own term or universal life insurance quotes by clicking on the upper right hand corner and filling out the instant online quote form.  If you prefer to speak with a licensed life insurance specialist, please call 1-888-950-TERM or you can email us at info@insuranceglobe.net.

Insurance Globe offers free life insurance reviews.  Why should you have one?  There are several reasons.

You may have an old universal life policy that may be close to lapsing and you may not even be aware.  Many older policies were sold when interest rates were much higher and agents were telling their clients that at some point they would be able to stop paying premiums and have a paid up policy.  Now that interest rates are so low those same policies are running out of cash value and will eventually lapse.  If you are able to catch this soon enough, you may be able to salvage any remaining cash value that you have and transfer it to a new policy with death benefit guarantees.

If you have a term policy, it may be nearing the end of it’s term.  It may be time to apply for a new term policy or consider buying a permanent policy.  You may also be able to reduce your premiums.  Life insurance rates are historically low, so if you have an old policy, you may be able to replace it at a lower cost.

If your health has changed and you are now uninsurable, your term policy may be nearing it’s end.  It’s important to find out if your policy is convertible and how much time you have to convert.  Conversion privileges allow you to exchange your term policy for a permanent policy with no underwriting.  In other words, you do not have to medically qualify or qualify in anwyay.  As long as you are in the conversion period.

These are just some of the reasons to have a review.

Click here for life insurance quotes.