For permanent life insurance guarantees matter. Two vitally important ones are lifetime guaranteed coverage and guaranteed cash value. Whole life insurance has these elements built in, but it’s expensive. To get something affordable once you’re past 50, look to a guaranteed universal life, or GUL.
American General Life Insurance Company has introduced a new product called “AG Secuce Lifetime GUL”. It has lifetime guaranteed Universal Life, a GUL, with also guaranteed cash value. In the comparisons I’ve done with Banner’s “Life Choice UL”, it has best guaranteed cash values.
Pros: American General surpasses Banner for best guaranteed UL with guaranteed cash value.
Cons: American General is part of AIG and has lower independent financial ratings than Banner.
Here are some sample quotes with their guaranteed cash values by year:
$1,000,000 Female, Age 60, best health rate
| Premium | Carrier | Year 15 | Year 20 | Year 30 |
| $11,620 | American General | $8,903 | $71,225 | $154,321 |
| $11,716 | Banner | 0 | $34,853 | $100,808 |
$1,000,000 Female Age 65, standard health rate
| Premium | Carrier | Year 15 | Year 20 | |
| $23,344 | American General | $70,036 | $172,755 | |
| $22,167 | Banner | $62,564 | $164,768 |
$1,000,000 Male, Age 60, best health rate
| Premium | Carrier | Year 15 | Year 20 | Year 30 |
| $13,996 | American General | $10,498 | $55,987 | $160,963 |
| $13,826 | Banner | 0 | $45,937 | $103,174 |
$1,000,000 Male Age 65, standard health rate
| Premium | Carrier | Year 15 | Year 20 | |
| $28,094 | American General | $105,368 | $185,447 | |
| $28,357 | Banner | $82,773 | $179,471 |
Note: Posted 3/8/11 : quotes subject to change, not independently verified, rounded to nearest dollar. There are many life insurance carriers. Other carriers I am not aware of or represent may be more competitive than these discussed.
Banner Life Insurance Company
Product: Life Choice UL
American General Life Insurance Company
Product: AG Secure Lifetime GUL