MetLife has announced, effective April 27, 2013, it will no longer offer the coverage continuation rider to its “Guaranteed Advantage Universal Life” product. MetLife’s “MetLife Provider UL” product has an age 95 no-lapse guarantee. Other MetLife products including whole life will still have lifetime guarantees.
Several major carriers are still offering age 120 or better no-lapse guarantees in 2013 despite the new cash reserve requirements. For example, Lincoln National is a leader in competitive premiums for lifetime no-lapse GULs and has held that position over the years. There are several Indexed UL products with lifetime no-lapse guarantees as well.
2013 has opened up some distance between the major carriers has to what lifetime permanent life insurance products they offer and their premiums. There are age 90, 95, 100, 105 and age 110 no lapse guarantees, and have some merit in lowering cost, but instead of taking the risk of outliving the policy or entering a higher catch up premium bracket, it’s best to lock in a true level premium lifetime guarantee.