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Since there's no disclosure of what the coi or rates are. If a client missed a payment a yr which theoretically takes most Guls from age 121 to age 90 then the company can do what the want and have it run out much quicker as they can adjust the coi.
The COI is fixed. Guaranteed means that is guaranteed no matter what. Think of most GULs as a normal UL without the current assumption rates and expenses, only the guaranteed ones. That is a very basic and incomplete way of putting it. But just read the illustration, not just the numbers but the front part that has the explanation of the policy. Some GULs do have current rates/ expenses, but some just have guaranteed ones. Either way, every GUL illustration will say what the Guaranteed Premium is to make the policy last to age 100 assuming the guaranteed expenses and interest rate. Usually the illustration system will have a Guaranteed Premium option on it.
Also, if the GUL does have both a Current Rate and a Guaranteed Rate, the only difference between the two will be what little CV accumulates for a small amount of time under the Current Rate. The Guaranteed Rate will simply be a Term-100 policy with no CV (generally speaking).
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